Economics Books

Book SynopsisTable of ContentsContents: Foreword xvi Pablo Hernández de Cos Preface and acknowledgments xviii 1 Introduction: the transformation of fiscal policy in the turbulent era 1 Enrique Alberola PART I FISCAL RESOURCES AND THE FISCAL SPACE 2 Debt explosions and reductions in emerging and developing countries: drivers and implications 22 Ugo Panizza and Andrew Powell 3 Sovereign debt restructuring and the missing international coordination 39 Aitor Erce and Mattia Picarelli 4 Low interest rates, monetary policy and the close links with fiscal policy 57 Enrique Alberola 5 A macroeconomic perspective on the challenges of taxing multinationals 73 Shafik Hebous PART II USES OF FISCAL POLICY: THE STABILIZATION ROLE OF FISCAL POLICY 6 The effectiveness of fiscal policy 86 Javier Andrés 7 Fiscal rules: challenges and reform opportunities for emerging and developing economies 103 Martín Ardanaz, Eduardo Cavallo and Alejandro Izquierdo 8 Fiscal governance in the European Union 120 Niels Thygesen 9 Fiscal policy and financial stability: revisiting the nexus 138 Claudio Borio, Marc Farag and Fabrizio Zampolli PART III USES OF FISCAL POLICY: REDISTRIBUTION, ALLOCATION AND EMERGING DEMANDS 10 Fiscal policy and income redistribution in the turbulent era 154 Benedict Clements, Sanjeev Gupta and João Tovar Jalles 11 Redistribution, automatic stabilizers and public debt 167 Enisse Kharroubi, Benoit Mojon and Luiz Pereira da Silva 12 Meeting the economic challenges of a greying world 184 Aida Caldera and Dorothée Rouzet 13 Climate transition: implications for fiscal policies 199 Lorenzo Forni PART IV CONCLUSION 14 The future of fiscal policy 210 Vitor Gaspar, Sandra Lizarazo and Adrián Peralta-Alva

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Book SynopsisTrade Review‘Maier and Ruder compile a valuable collection that will have broad appeal to educators interested in rethinking their approach to the Principles of Microeconomics courses. It distinguishes itself from existing volumes in that it includes multiple paradigms, explores updating content, and brings issues of diversity and inclusion to the forefront. Chapters reviewing more traditional pedagogies (such as cooperative learning and experiments) are presented with a fresh perspective and complemented with chapters describing newer approaches (using social media).’ -- KimMarie McGoldrick, University of Richmond, US‘Maier and Ruder provide an essential guide to those who are interested in revising the syllabus for Introductory Microeconomics. It provides concrete suggestions for course focus, course content, and pedagogy. The component essays are well researched, well written, and challenge the reader to consider a variety of alternatives to “chalk and talk.”’ -- Michael K. Salemi, University of North Carolina at Chapel Hill, US‘Want to become a better teacher of economics? Mark Maier and Phil Ruder, along with an all-star set of contributors, reimagine introductory economics. Dive in, soak up all of the wisdom, and cleanse yourself from 20th century misconceptions of how and what to teach.’ -- Dirk Mateer, University of Texas at Austin, USTable of ContentsContents: 1 Improving the Principles of Microeconomics course 1 Phil Ruder and Mark Maier PART I TRADITIONAL AND ALTERNATIVE APPROACHES 2 The deep work of teaching essential Microeconomic Principles 8 Gail M. Hoyt 3 Considerations for the textbook selection process in Principles of Microeconomics 25 Erin A. Yetter 4 Asynchronicity, access, and content: teaching economics in a shifting landscape 44 Belinda Archibong, Olivia Bobrownicki, Rajiv Sethi, and Homa Zarghamee 5 The issues approach to teaching Principles of Microeconomics 59 Wendy A. Stock 6 Revising the traditional Microeconomics course: engaging students via problem-based, positive, paradigmatic pluralism 74 Geoffrey E. Schneider PART II UPDATING COURSE CONTENT 7 Where is the “behavioral” in Introductory Microeconomics? 88 Simon D. Halliday and Emily C. Marshall 8 Suggestions for incorporating sustainability into Principles of Microeconomics 108 Jack Reardon PART III INCLUSIVE TEACHING 9 Promoting inclusivity in Principles of Microeconomics 124 Jennifer Imazeki 10 Creating an anti-racist pedagogy in Principles of Microeconomics 136 Mary J. Lopez and Fernando Lozano 11 Feminist approaches in the Introductory Microeconomics course 152 Pratistha Joshi Rajkarnikar 12 Promoting gender diversity in Introductory Microeconomics 166 Martha Olney PART IV PEDAGOGY 13 Writing in the Introductory Microeconomics course 180 Nathan D. Grawe and George Cusack 14 Taking advantage of structured peer interaction: cooperative learning in the Principles of Microeconomics course 202 Scott P. Simkins, Mark Maier, and Phil Ruder 15 Teaching with experiments in the Introductory Microeconomics course 217 Tisha L.N. Emerson 16 Teaching the Introductory Microeconomics course with social media 230 Abdullah Al-Bahrani, Darshak Patel, and Brandon Sheridan 17 Teaching Introductory Microeconomics online 243 Steven Greenlaw 18 Using Excel to teach Principles of Microeconomics 257 Humberto Barreto Index

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Book SynopsisTimely and invigorating, this book explores how blockchain technology is disrupting economies and transforming societies. It offers detailed insights into the synergistic and complementary effects of blockchain and other new and emerging technologies such as artificial intelligence, the Internet of Things, satellite imagery and digital twins.Trade Review‘This book is both a fantastic introduction to the fundamental concepts of blockchains and a unique discussion of the business models impacted by the blockchain. Kshetri provides an excellent sketch of the debate over using distributed ledgers to demonstrate business trustworthiness. The business cases Kshetri provides perfectly demonstrate the value offered by technology that uses strong cryptographic tools. One of the book’s best and most unique contributions is in its chapter on the synergies between artificial intelligence and the blockchain. The case studies from health care and other data-intensive industries offer invaluable details on data ownership management, privacy, data lineage management, and shared governance for users of blockchain and AI technologies. Kshetri also discusses emerging disruptive technologies, like the Metaverse, Web 3.0, and the Internet of Things. This is one of the best books on the subject and an excellent guide for readers of all levels.’ -- J. Brzezinski, Choice Magazine‘Kshetri’s The Rise of Blockchains is a timely, to-the-point, and detailed book on a relatively new and still obscure topic of blockchain technology. The book focuses on this all-new phenomenon deeply impacting, sometimes disrupting, and transforming our societies, policy-making, and the global economy today. And as a matter of fact, it also does a good job focusing on this new technology that has both introduced cryptocurrencies and transformed the supply chain, payments, privacy, and security systems.’ -- Bilal Bağış, Insight Turkey Journal‘Professor Nir Kshetri’s exciting new text The Rise of Blockchains: Disrupting Economies and Transforming Societies is a must read for those interested in how distributed ledgers are impacting the political, economic, and social landscapes of societies, both developed and underdeveloped. Economists, politicians, and anyone else involved in finance should add this text to their reading list.’ -- Jeffrey Voas, EIC Computer Magazine, US‘This book covers several key topics in blockchain, ranging from payment and settlement to cybersecurity and the supply chain. The book is well written and flows logically. It would be a great textbook for a blockchain course and a nice reference for researchers working in this field.’ -- Yogesh K. Dwivedi, Swansea University, UK and Symbiosis Institute of Business Management, Pune, India‘Professor Kshetri has delivered a very timely, well-written, and well-documented treatment of a topic that many people find difficult and sometimes opaque. I believe the content is accessible for both advanced undergrads and graduate students. I plan to adopt this book for my own blockchain course.’ -- Stephen C. Wingreen, University of Canterbury, New Zealand‘In 2018, Ginni Rometty, the retired CEO of IBM, caused a stir when she said presciently: “Blockchain will do for transactions what the Internet did for information.” This compendium by Professor Nir Kshetri attempts to explain why and how such a transformation is taking place. The comprehensive book is framed by business organisations and market opportunities. It addresses the essentials of how Blockchains work, and their synergies with decentralized, autonomous organisations as well as complementary technologies such as AI. It also provides up-to-date coverage of hot-button issues such as use-cases in supply chain management with traceability-as-a-service. It shows how such ubiquitous use-cases will allow Blockchain to cross the chasm. Two enabling technologies – security as an integral aspect of mainstream platforms and Blockchain-enabled payments which may counter the centralizing features of proposed CBDC initiatives – will bring confidence in such a trust-free environment. The book closes with a realistic assessment of emerging opportunities, barriers, trends and policy implications. It is commendable that Professor Kshetri, acknowledged as one of the most impactful researchers on Blockchain, has taken it upon himself to make translational his deep insights and understanding on the topic. I recommend this book highly to any business executive or specialist student interested in exploiting the value of Blockchains.’ -- Ravi S. Sharma, Zayed University, United Arab EmiratesTable of ContentsContents: PART I BLOCKCHAIN AND ORGANIZATIONAL TRANSFORMATION 1. Blockchain basic: Definitions, key concepts and characteristics 2. Impacts on organizational forms, business models and strategies 3. Combining with other technologies to amplify blockchain’s value creation 4. Supply chain management 5. Security, privacy and compliance 6. Payment and settlement systems PART II OPPORTUNITIES, CHALLENGES, IMPLICATIONS AND THE WAY FORWARD 7. Opportunities, barriers, and enablers of blockchain adoption in organizations 8. Discussion, conclusion, and recommendations Index

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Book SynopsisA supplement such as Using SAS for Econometrics is quite essential for use in a classroom environment, for those attempting to learn SAS, and for quick and useful reference. The SAS documentation comes in many volumes, and several are thousands of pages long. This makes for a very difficult challenge when getting started with SAS. This volume spans several levels of econometrics. It is suitable for undergraduate students who will use canned SAS statistical procedures, and for graduate students who will use advanced procedures as well as direct programming in SAS's matrix language, discussed in chapter appendices. Material within the chapters is accessible to undergraduate and/or Masters students, with appendices to chapters devoted to more advanced materials and matrix programming.Table of Contents1. Introducing SAS 1 2. The Simple Linear Regression Model 50 3. Interval Estimation and Hypothesis Testing 82 4. Prediction, Goodness-of-Fit, and Modeling Issues 103 5. The Multiple Regression Model 130 6. Further Inference in the Multiple Regression Model 162 7. Using Indicator Variables 190 8. Heteroskedasticity 207 9. Regression with Time-Series Data: Stationary Variables 264 10. Random Regressors and Moment-Based Estimation 304 11. Simultaneous Equations Models 346 12. Regression with Time-Series Data: Nonstationary Variables 369 13. Vector Error Correction and Vector Autoregressive Models 390 14. Time-Varying Volatility and ARCH Models 406 15. Panel Data Models 428 16. Qualitative and Limited Dependent Variable Models 468 Appendix A. Math Functions 522 Appendix B. Probability 528 Appendix C. Review of Statistical Inference 541

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Book SynopsisThe guide to returning to a gold standard All that glitters is gold and gold has never glittered so much as it has in the last decade, reaching staggering new prices in recent years.Table of ContentsForeword xiii Preface xvii Part I: Gold and the Domestic Economy Chapter 1 Why Gold? 3 Gold: The King of Metals 4 Gold Becomes the Standard of the World 5 Too Little Gold—Or Too Much Paper? 6 The “Gold Prevents Prosperity” Myth 8 In Gold We Trust 10 Chapter 2 The Gold Standard: A Standard for Freedom 13 What Money Is 15 .AndWhat Money Is Not 18 The Nature of Inflation 20 The Fiat Standard at Work 22 The Illusion of Prosperity 23 The Meaning of the Gold Standard 25 Chapter 3 Why Prices Have Not Skyrocketed 27 On Human Action 28 Quantity versus Values 31 The Quantity of Money and the Gold Standard 32 Too Little Fiscal Responsibility Chasing Too Many Politicians 33 Chapter 4 The Inflation/Deflation Conundrum 35 The Cause of the Recent Spike in Commodities 38 Chapter 5 Central Banking in the Twenty-First Century 41 The Rise of Populism 42 A World in Transition 45 The Fed of the Twenty-First Century 48 Part II: The International Gold Standard Chapter 6 The Making of an International Monetary Crisis 55 Monetary Theory: Past 57 No Curb on Governments 58 The Policy Makers 59 The Process of Confusion 60 Condemnation of Gold 61 Evolution of the Theory 62 Fractional Reserve Banking 63 The Great Depression 65 Devaluation in 1934 66 Bretton Woods 67 The Theory Projected 67 “If at First You Don’t Succeed .” 69 The SDR: As Good as Gold Again! 70 Debt Amortization or Default: The False Alternative 71 The Frightening Prospect of an International Debt 72 Toward an International Fiat Reserve System 74 Simply Repetitious 75 The Real Meaning of Monetary Reform 75 Chapter 7 The Death of Bretton Woods: A History Lesson 79 Fixed Exchange Rates, Flexible Rules 80 Export or Devalue: Institutionalizing the Devaluation Bias 82 “Hot Money” Blues 84 The Role of the Dollar under Bretton Woods 85 Limited Gold—Unlimited Dollars: A Formula for Disaster 86 Confidence versus Liquidity—A Two-Tier Tale 87 Gold’s Limitations: A Blessing in Disguise 87 U.S. Balance of Payments Problems 89 The First Straw 89 On Selling One’s Cake and Wanting It Too 89 The Illusion of the Last Straw 90 The High Price of Gifts 91 On Domestic Dreams and International Nightmares 92 Chapter 8 Who’s Protected by Protectionism? 95 A Few Principles 97 Enter Protectionism 98 Trade between Nations 99 To Protect the Balance of Trade 100 To Protect Domestic Markets 102 To Protect Domestic Wages 102 Protectionism: The Greatest Threat to Prosperity 104 The U.S. Balance of Payments Problem in Perspective 106 The Protection Racket 106 Part III: Returning to a Gold Standard Chapter 9 Are the Fiat and the Gold Standards Converging? 111 A Monetary System Needs to Know Its Limitations 113 Reduced Leverage Equals Reduced Speculation 115 The Process of Convergence 116 A New Day 118 Chapter 10 Gold: The New Money 121 Rediscovering Gold 123 The International “Walk” on Gold 124 Competing Monies 125 Chapter 11 How Not to Advocate a Gold Standard 129 The Intrinsic Worth Argument 130 The Store of Value Argument 131 Gold Price Predictions 132 The Legal Tender Argument 133 The Official Price of Gold Fetish 134 The Devaluation Syndrome 137 The Stop Printing Money Argument 139 The Demonetization Threat 140 On Context, Cause, and Effect 142 Part IV: Investing in Gold Chapter 12 Lessons of a Life-Long Gold Investor 147 On Trading 151 The Rules of the Game 152 When to Be Flexible 154 And When to Stick to Your Guns 156 On Investing 157 Shakeouts 160 Turning a Disadvantage into an Advantage 163 On Leverage 164 When to Sell a Stock 167 “Be Afraid. Be Very, Very, Afraid ” 168 How to Own Gold 170 Chapter 13 My Final Word on Gold 173 On Bretton Woods II 173 The New SDR Threat 175 On QE 2 178 The Banking System of a Free Society 181 In Conclusion 183 Recommended Reading 185 Bibliography 189 About the Author 191 Index 197

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Book SynopsisPath-breaking research on one of the most important macroeconomic policy challenges in the post-crisis world, presented in accessible language Written and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes, and explaining why objectives were met in some cases but missed in others. An overview reveals pitfalls to avoid and lessons learned for securing successful fiscal adjustment. Written by experts in the field Addresses public concern about skyrocketing government debts Contains cutting edge research that changes the way we look at fiscal adjustment Presents meticulous archival research in compelling and engaging case studies Explores lessons learned and policy implications going forward InTrade Review"This analytical cross-country study of fiscal adjustment will be highly relevant for several countries, especially those in the euro area that, in the context of the new European governance, will follow a path of public debt reduction in the years ahead." —Carlo Azeglio Ciampi, Emeritus President of the Italian Republic (President, 1999–2006; Finance Minister, 1996–1999) "Unfortunately, out of necessity, the issues of debt and deficit dominate the national debate in too many countries. The experience of others can often provide a guide to solutions—what to do and what not to do. In this context, this book will prove invaluable." —The Right Honorable Paul Martin, former Finance Minister (1993–2002) and Prime Minister (2003–2006) of Canada "Budget consolidation may well be the defining macroeconomic issue for the industrialized world over the next decade. The budget debate is as unbalanced as the budget. Ideology and rhetoric dominate in places where evidence and logic should dominate. This important book balances the debate by providing careful and analytic evidence on all the important tradeoffs. It is a must-read for everyone concerned about our fiscal future." —Lawrence H. Summers, University Professor at Harvard University; former Director, National Economic Council (2009–2011); Secretary of the U.S. Treasury (1999–2001) "Reducing public debt will be the main policy issue for the next decade. This volume greatly helps us understand how to do it in a way that achieves the intended objectives despite unexpected events that will inevitably occur. We don't know as much as we should about fiscal policy: this volume improves our understanding with a careful analysis of many international examples of fiscal adjustment. A great read." —Alberto Alesina, Professor of Political Economy, Harvard University "How should countries around the world deal with their burgeoning levels of national debt? This timely book's detailed case studies illustrate that though failure is common, there is also more than one path to success and a number of key principles that can serve as a guide to navigation." —Alan J. Auerbach, Professor of Economics and Law, Director of the Burch Center for Tax Policy and Public Finance, University of California, Berkeley "There are few questions more important in the U.S. and Europe today than how public debt will be brought under control. Chipping Away at Public Debt reviews a wealth of experience with large-scale fiscal adjustment plans in advanced economies, drawing on country studies as well as statistical analysis. The authors reach useful and sometimes unexpected conclusions. In particular, economic factors such as 'growth surprises' are perhaps even more important than political factors in determining success." —Dani Rodrik, Professor of International Political Economy, John F. Kennedy School of Government, Harvard University Table of ContentsForeword ix Acknowledgments xi Introduction xiii CHAPTER 1 Canada: A Success Story 1 Cemile Sancak, Lucy Qian Liu, and Taisuke Nakata Introduction 1 Background 2 Plans versus Outcomes: Macroeconomic Factors 7 Nature and Composition of Adjustment 13 Structural Reforms 21 Extent to which Adjustments Were Sustained 23 Conclusion 25 Notes 27 CHAPTER 2 United States: The Quest for Fiscal Discipline 31 Jiri Jonas Introduction 31 First Attempt: Balanced Budget and Emergency Deficit Control Act 1985 33 Second Attempt: Omnibus Budget Reconciliation Act of 1990 36 Third Attempt: Omnibus Budget Reconciliation Act of 1993 38 Actual versus Projected Fiscal Performance under Omnibus Budget Reconciliation Act of 1993 42 1990s Deficit Reduction: Good Policy or Good Luck? 44 Easy Won, Easy Lost? 50 Conclusion 52 Notes 54 CHAPTER 3 France: Virtue and Fortune 57 Edouard Martin, Irina Tytell, and Irina Yakadina Introduction: Factors Underlying the Need for Fiscal Consolidation 57 Early Attempts at Fiscal Adjustment 61 A First Attempt at Medium-Term Fiscal Consolidation, 1994–97 64 A More Systematic Approach to Medium-Term Budgeting: Consolidation Experiences under the Stability and Growth Pact 72 Conclusion 81 Notes 82 CHAPTER 4 Germany: Fiscal Adjustment Attempts With and Without Reforms 85 Christian Breuer, Jan Gottschalk, and Anna Ivanova Introduction 85 1975–79 Consolidation Attempt 88 1981–85 Consolidation Attempt 93 1991–95 Consolidation Attempt 99 2003–07 Consolidation Attempt 105 Lessons 110 Notes 112 CHAPTER 5 United Kingdom: Four Chancellors Facing Challenges 115 Toni Ahnert, Richard Hughes, and Keiko Takahashi Introduction 115 Selection of Consolidation Plans 116 Background, Content, and Performance of the Four Adjustment Plans 117 Determinants of Success and Failure 125 Lessons from Success and Failure 138 Appendix 5A. United Kingdom: Fiscal Adjustment Plans and Outturns 140 Notes 150 CHAPTER 6 Italy: Medium-Term Fiscal Planning under Frequent Government Changes 153 Fabrizio Balassone, Sandro Momigliano, and Pietro Rizza Introduction 153 A Brief History of Italy’s Fiscal Planning Framework 155 Short-Term Origins of Medium-Term Failures 157 A Narrative of Design and Performance of Pre- and Post-European Monetary Unit Plans 162 Implementing Plans for the Year Ahead 165 Two Important Plans Analyzed in Detail 167 Conclusion 172 Notes 174 CHAPTER 7 Japan: Fiscal Adjustment Plans and Macroeconomic Shocks 177 Keiko Takahashi and Kiichi Tokuoka Introduction 177 The 1997 Fiscal Structural Reform Act 178 Medium-Term Fiscal Adjustment Plans: Fiscal Year 2002 and the Following 189 Conclusion 203 Appendix 7A: The Bohn Fiscal Sustainability Test 206 Appendix 7B: Timeline of Medium-Term Fiscal Adjustment Plans in Japan 209 Notes 209 CHAPTER 8 The Performance of Large Fiscal Adjustment Plans in the European Union: A Cross-Country Statistical Analysis 213 S. Ali Abbas, Fuad Hasanov, Paolo Mauro, and Junhyung Park Introduction 213 Data, Sample Selection, and Methodology 216 Descriptive Analysis 219 Regression Analysis 232 Conclusion 241 Appendix 8A: Data Issues and Cyclical Adjustment 243 Appendix 8B: Timeline for European Monetary Integration (1990–2009) 245 Notes 246 CHAPTER 9 Conclusion 249 Key Findings: What Failed and What Worked in Past Attempts at Fiscal Adjustment 251 Implications for Planned Adjustments 255 Notes 258 References 259 About the Project Team 267 Index 271

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Book SynopsisUncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment. While illuminating managerial decision-making from all possible angles, this book equips readers with the tools and skills needed to recognize and address uncertainty. The book also explores individual, firm, and market-level decisions; discusses all possible risks and uncertainties encountered in the decision-making process; and prepares readers to deal with both epistemic and aleatory uncertainty in managerial decisions. Managerial Economics features: An emphasis on practical application through real-life examples and problems An accessible writing style that presents technical theories in a user-friendly way A mathematical and statistical point of view that reveals the presence of uncertaTable of ContentsPREFACE xix UNIT I METHODOLOGICAL PRELIMINARIES 1 Qualitative Fundamentals 3 1.1 Economic Theory and Managerial Economics 3 1.2 Some Methodological Fallacies 5 1.3 Paradigms, Models, and the Scientific Method 6 1.4 The Descriptive and Prescriptive Treatments 8 1.5 The Profit Function: Accounting versus Economics 8 1.6 Entrepreneurship, Management, and Leadership 9 Summary 11 Key Terms 12 Exercises 12 2 Quantitative Fundamentals 13 2.1 Introduction 13 2.2 Functions 14 2.3 Exponents 16 2.4 Logarithms and the Number e 18 2.5 Differential Calculus 19 2.6 Multivariate and Equality Constrained Optimization 22 2.7 Inequality Constrained Optimization: Linear Programming 30 2.8 Selected Statistical Concepts 30 2.9 Maximum Likelihood Estimation 36 2.10 Ordinary and Nonlinear Least Squares Estimation 37 Summary 38 Key Terms 40 List of Formulas 40 Exercises 42 UNIT II DECISIONS AT THE CONSUMER LEVEL 3 Theory of Consumer Choice 47 3.1 Consumer Preferences 47 3.1.1 Indifference Curve 50 3.1.2 Marginal Rate of Substitution (MRS) 52 3.1.3 Nontypical Indifference Curves 55 3.2 Consumer’s Affordability 58 3.2.1 Budget Line 58 3.2.2 Slope of the Budget Line 60 3.2.3 Shift, Swing, and Kink of the Budget Line 60 The Shift 60 The Swing 63 The Kink 64 3.2.4 Three-Dimensional Budget 66 3.3 The Optimal Choice 68 3.3.1 Interior and Corner Solutions 69 3.3.2 Utility and Its Measurability 71 3.3.3 Utility Maximization 76 3.4 Effects on the Optimal Choice 81 3.4.1 Change in Income 81 Normal and Inferior Commodities 82 Income–Consumption Curve 83 Engel Curve: Nominal and Real 83 Engel Curve and Income–Consumption Curve for Homothetic and Quasi-Linear Preferences 85 Income Elasticity of Demand 86 3.4.2 Change in Prices 88 Giffen and Non-Giffen Commodities 90 Price–Consumption Curve 90 Price Change and the Demand Curve 91 Price Elasticity of Demand 91 Substitutes and Complements 93 Cross-Price Elasticity of Demand 94 3.5 Income and Substitution Effects 95 3.6 Slutsky Equation 96 Summary 98 Key Terms 99 List of Formulas 99 Exercises 101 4 Consumer Demand: Theoretical Analysis 103 4.1 Demand and Supply: Functions and Laws 103 4.2 Deriving a Demand Function from Utility Maximization 105 4.3 Homogeneity and the Numeraire 109 4.4 Inverse Demand Function 111 4.5 Demand and Supply: Table and Curves 111 4.6 Market Equilibrium 114 4.7 From Individual to Market Demand 120 4.8 Demand and Network Externalities 122 4.8.1 The Case of the Bandwagon Effect 122 4.8.2 The Case of the Snob Effect 124 4.9 Deriving a Market Demand Function under Externalities 126 4.10 Changes in QD and QS versus Changes in D and S 129 4.11 Changes in Equilibrium 131 4.11.1 The Case of Thanksgiving Turkey 132 4.11.2 The Case of Sales and Excise Taxes 134 4.12 Market Disequilibrium 138 4.12.1 The Case of a Price Ceiling 139 4.12.2 The Case of a Price Floor 142 4.13 Marshallian versus Hicksian Demand Curves 144 4.13.1 Shephard Lemma and the Expenditure Function 145 4.14 Deriving the Hicksian (Compensated) Demand Curve 147 4.15 Revealed Preferences 149 4.16 Interdependent Demand 152 Summary 155 Key Terms 157 List of Formulas 157 Exercises 157 5 Consumer Demand: Empirical Estimation 160 5.1 Simple Market Experimentation 160 5.2 Linearity of the Demand Function: From Visual to Regression 163 5.3 Reliability of the Estimation 168 5.4 Quality of Fitting 170 5.5 Fitting by Computerized Regression 172 5.6 Demand Estimation by the Multiple Regression Method 174 5.6.1 Results and Interpretation 179 5.6.2 Goodness of Fit 181 5.6.3 The Overall Explanatory Power of the Model 182 5.6.4 Major Problems to Check On 183 Multicollinearity 183 Autocorrelation 184 Heteroscedasticity 185 5.7 Nonregression Approaches to Estimation 186 5.7.1 Market Experimentation 186 5.7.2 Observational Studies 187 5.7.3 Micromarketing and Virtual Shopping 187 5.8 Advanced Demand Estimation: The Pad Model 188 5.8.1 Model Specification 188 Desired Demand 188 Adjustment Equation 188 Estimating Equation 189 5.8.2 Graph of the Linear PAD Model 189 Summary 196 Key Terms 196 List of Formulas 196 Exercises 198 6 Consumer Demand: Economic Forecasting 200 6.1 Forecasting Models 201 6.1.1 Quantitative Models 201 6.1.2 Qualitative Models 202 6.2 Time Series Analysis 202 6.2.1 Secular Trends 202 6.2.2 Seasonal Variations 202 6.2.3 Cyclical Fluctuations 203 6.2.4 Random Changes 203 6.3 From Symbolic to Numeric Fitting 203 6.4 Adjusting for Seasonality 207 6.4.1 The Simple Average of Errors Method 208 6.4.2 The Actual-to-Forecast (A/F) Ratio Method 210 6.4.3 The Dummy Variables Method 212 6.5 Smoothed Forecasts 214 6.5.1 Simple Moving Average Method 214 The RMSE Check 217 6.5.2 The Weighted Moving Average 218 6.5.3 Exponential Smoothing 219 Mean Absolute Deviation (MAD) 223 6.6 Barometric Forecasting 224 6.7 Econometric Models 226 6.7.1 Single-Equation Model 227 6.7.2 Multiple-Equation Model 229 6.8 Input–Output Matrix 231 6.9 Judgmental Models 233 6.9.1 Opinions and Polls 233 6.9.2 Surveys and Market Research 233 6.10 Forecasting Accuracy and Reliability 234 Summary 235 Key Terms 236 List of Formulas 236 Exercises 238 UNIT III MANAGERIAL DECISIONS AT THE FIRM LEVEL 7 Production Theory 243 7.1 Variability of Inputs throughout Time 243 7.2 Production Function 244 7.3 Graphical Representation of the Production Function 246 7.4 Short-Run, One Variable Input Function 250 7.5 Dynamic Relations among Production Curves 252 7.6 Law of Diminishing Marginal Returns 260 7.7 Long-Run, Two Variable Input Function 261 Isoquants 261 7.8 Marginal Rate of Technical Substitution (MRTS) 263 7.9 The Economically Efficient Region of Production 266 7.10 Returns to Scale 267 7.11 Elasticity of Substitution 269 7.11.1 Elasticity of the Cobb–Douglas Production Function 270 7.11.2 Elasticity of the Leontief Production Function 271 7.11.3 Leontief Technology and Linear Programming 272 7.11.4 Elasticity of the Linear Production Function 273 7.11.5 Elasticity of the CES Production Function 274 7.11.6 Graphical Representation of CES 275 7.12 Optimal Employment of an Input 277 7.13 Technological Progress, Invention, and Innovation 278 7.14 Technological Progress and Production Function 280 Summary 282 Key Terms 283 List of Formulas 283 Exercises 285 8 Cost Theory 287 8.1 Cost Concepts and Categories 287 8.2 Short-Run Costs 289 8.3 The Optimal Combination of Inputs 297 8.3.1 Isocost 297 8.4 Minimizing Input Cost and Maximizing Output 298 8.5 Long-Run Costs 301 8.6 Short-Run and Long-Run Average Costs: Economies of Scale 303 8.7 Derivation of the Cost Function 306 8.8 Economies of Scope: Basic Concept and Cost Complementarities 311 8.9 Economies of Scope: Synergy and Input Indivisibility 313 8.10 The Learning Curve 316 8.11 Cost–Volume–Profit Analysis and Operating Leverage 321 8.11.1 Break-Even Quantity and Break-Even Revenue 322 Fixed Cost 323 Variable Cost 323 Contribution Margin 324 8.11.2 Cash Break-Even Technique 326 8.11.3 The Break-Even Point and Target Profit 327 8.11.4 An Algebraic Approach to the Break-Even Point 329 8.11.5 Break-Even Time 330 8.11.6 The Dual Break-Even Points 334 8.12 Leverage 337 8.12.1 Operating Leverage 338 8.12.2 Operating Leverage, Fixed Cost, and Business Risk 341 Summary 342 Key Terms 344 List of Formulas 344 Exercises 347 9 Production and Cost: Estimation and Forecasting 349 9.1 Estimation of the Production Function 350 9.2 Estimation of the Cost Function 352 9.3 Forecasting Output 355 9.4 Forecasting Cost 359 9.5 Meeting Obligations through Decisions with Probabilistic Results 360 Summary 361 Key Terms 361 List of Formulas 361 Exercises 363 UNIT IV MANAGERIAL DECISIONS AT THE MARKET LEVEL 10 Market Structure and Business Organization 367 10.1 Perfect Competition 368 10.1.1 Characteristics of Perfect Competition 368 10.1.2 Profit Maximization for Competitive Firms 369 10.1.3 The Decision to Shut Down 373 10.1.4 The Competitive Firm in the Long Run 377 10.2 Monopoly 381 10.2.1 Monopoly’s Equilibrium in the Short Run 381 10.2.2 Monopoly’s Equilibrium in the Long Run 385 10.2.3 Monopoly Power and the Lerner Index 388 10.3 Monopolistic Competition 389 10.3.1 Monopolistic Competition Equilibrium in the Short Run 390 10.3.2 Monopolistic Competition Equilibrium in the Long Run 391 10.4 Oligopoly 393 10.4.1 The Concentration Ratio and the Herfindahl Index 394 10.4.2 Models of Oligopoly 395 Cournot Model 395 Stackelberg Model 399 Bertrand Model 403 Sweezy Model 407 Summary 410 Key Terms 411 List of Formulas 411 Exercises 412 11 Pricing Decisions and Practices 414 11.1 Basics of Price Setting 414 11.2 The Markup Rule 415 11.3 Multiproduct Pricing Strategies 418 11.4 Joint Products with Independent Demands 419 11.4.1 Product Set of Fixed Proportions 419 11.4.2 Product Set of Variable Proportions 421 11.5 Transfer Pricing 423 11.5.1 The Intermediate Product in a Perfectly Competitive Market 424 11.5.2 The Intermediate Product in an Imperfectly Competitive Market 429 11.6 Pricing Strategies and Practices 430 11.7 Price Discrimination 433 11.7.1 First-Degree Price Discrimination 434 11.7.2 Second-Degree Price Discrimination 436 11.7.3 Third-Degree Price Discrimination 437 Summary 445 Key Terms 446 List of Formulas 446 Exercises 447 UNIT V MANAGERIAL DECISIONS IN THE LONG RUN 12 Capital Budgeting and Investment Project Evaluation 451 12.1 What is Capital Budgeting? 451 12.2 Basic Model of Capital Budgeting 453 12.3 Selection Process and Project Evaluation 454 12.4 Methods of Evaluation for Proposed Investment Projects 455 12.4.1 Net Present Value 455 12.4.2 Internal Rate of Return 459 12.4.3 NPV versus IRR for Mutually Exclusive Projects 462 12.4.4 NPV Profile, Crossover Rate, and the Ranking Reversal 465 12.5 Profitability Index and Capital Rationing 467 12.6 Payback Method 469 12.7 Cost of Capital 471 12.7.1 Cost of Debt Capital 472 12.7.2 Cost of Equity Capital 473 The CAPM Estimation 473 The Dividend Valuation Estimation 474 12.7.3 The Weighted Marginal Cost of Capital 476 12.7.4 Capitalization and Capitalized Cost 478 12.7.5 Last Words on the Cost of Capital 481 Summary 481 Key Terms 483 List of Formulas 483 Exercises 485 13 Risk Analysis and Managerial Decisions under Uncertainty 487 13.1 Risk and Uncertainty 487 13.2 Sources of Risk 488 13.2.1 Economic Sources 488 13.2.2 Political Sources 488 13.2.3 Social Sources 489 13.2.4 International Sources 489 13.3 Measurement of Risk 489 13.3.1 The Absolute Measure 490 13.3.2 The Relative Measure 495 13.4 Risk Aversion 495 13.5 Risk Attitudes and Utility of Money 496 13.6 Expected Utility of Money versus Expected Monetary Return 498 13.7 Risk Discount and Certainty Equivalent 501 13.8 Risk Impact on the Valuation Model 503 13.8.1 Risk Premium Adjustment 503 13.8.2 Certainty-Equivalent Adjustment 506 13.9 Diversifiable versus Nondiversifiable Risk 509 13.10 Portfolio Risk 510 13.11 Risk of Two-Asset Portfolio 518 13.12 Lending and Borrowing at the Risk-Free Rate of Return 520 13.13 Measuring the Systematic Risk by Beta (β) 522 13.14 The CAPM Model 525 13.15 The Security Market Line (SML) 526 13.15.1 SML Shift by Inflation 527 13.15.2 SML Swing by Risk Aversion 528 13.16 Managerial Decision Tree 532 13.17 Mathematical Simulation and Sensitivity Analysis 533 13.18 Advanced Choice under Risk, Ambiguity, and Uncertainty 536 13.18.1 Stochastic Dominance 536 Assumptions 537 Expected Utility 537 First-Degree Stochastic Dominance 537 Interpretation of FSD Conditions 538 Second-Degree Stochastic Dominance 538 Interpretation of FSD Conditions 538 Applications of SSD Conditions 539 13.18.2 Choice under Ambiguity 539 13.18.3 Choice under Uncertainty 539 Summary 541 Key Terms 542 List of Formulas 543 Exercises 544 14 Management Consultants and Information 546 14.1 Measuring Information and Its Impact on Uncertainty 546 14.2 Perfect Management Information 548 14.3 Valuing Perfect Management Information 549 14.4 Valuing Less-than-Perfect Management Information 549 Summary 556 Key Terms 557 List of Formulas 557 Exercises 558 APPENDIX 560 FURTHER READING 569 INDEX 573

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Book SynopsisBali, Engle, and Murray have produced a highly accessible introduction to the techniques and evidence of modern empirical asset pricing. This book should be read and absorbed by every serious student of the field, academic and professional. Eugene Fama, Robert R.Table of ContentsPreface xv Part I Statistical Methodologies 1 1 Preliminaries 3 1.1 Sample, 3 1.2 Winsorization and Truncation, 5 1.3 Newey and West (1987) Adjustment, 6 1.4 Summary, 8 References, 8 2 Summary Statistics 9 2.1 Implementation, 10 2.1.1 Periodic Cross-Sectional Summary Statistics, 10 2.1.2 Average Cross-Sectional Summary Statistics, 12 2.2 Presentation and Interpretation, 12 2.3 Summary, 16 3 Correlation 17 3.1 Implementation, 18 3.1.1 Periodic Cross-Sectional Correlations, 18 3.1.2 Average Cross-Sectional Correlations, 19 3.2 Interpreting Correlations, 20 3.3 Presenting Correlations, 23 3.4 Summary, 24 References, 24 4 Persistence Analysis 25 4.1 Implementation, 26 4.1.1 Periodic Cross-Sectional Persistence, 26 4.1.2 Average Cross-Sectional Persistence, 28 4.2 Interpreting Persistence, 28 4.3 Presenting Persistence, 31 4.4 Summary, 32 References, 32 5 Portfolio Analysis 33 5.1 Univariate Portfolio Analysis, 34 5.1.1 Breakpoints, 34 5.1.2 Portfolio Formation, 37 5.1.3 Average Portfolio Values, 39 5.1.4 Summarizing the Results, 41 5.1.5 Interpreting the Results, 43 5.1.6 Presenting the Results, 45 5.1.7 Analyzing Returns, 47 5.2 Bivariate Independent-Sort Analysis, 52 5.2.1 Breakpoints, 52 5.2.2 Portfolio Formation, 54 5.2.3 Average Portfolio Values, 57 5.2.4 Summarizing the Results, 60 5.2.5 Interpreting the Results, 64 5.2.6 Presenting the Results, 66 5.3 Bivariate Dependent-Sort Analysis, 71 5.3.1 Breakpoints, 71 5.3.2 Portfolio Formation, 74 5.3.3 Average Portfolio Values, 76 5.3.4 Summarizing the Results, 80 5.3.5 Interpreting the Results, 80 5.3.6 Presenting the Results, 81 5.4 Independent Versus Dependent Sort, 85 5.5 Trivariate-Sort Analysis, 87 5.6 Summary, 87 References, 88 6 Fama and Macbeth Regression Analysis 89 6.1 Implementation, 90 6.1.1 Periodic Cross-Sectional Regressions, 90 6.1.2 Average Cross-Sectional Regression Results, 91 6.2 Interpreting FM Regressions, 95 6.3 Presenting FM Regressions, 98 6.4 Summary, 99 References, 99 Part II the Cross Section of Stock Returns 101 7 The CRSP Sample and Market Factor 103 7.1 The U.S. Stock Market, 103 7.1.1 The CRSP U.S.-Based Common Stock Sample, 104 7.1.2 Composition of the CRSP Sample, 105 7.2 Stock Returns and Excess Returns, 111 7.2.1 CRSP Sample (1963–2012), 115 7.3 The Market Factor, 115 7.4 The CAPM Risk Model, 120 7.5 Summary, 120 References, 121 8 Beta 122 8.1 Estimating Beta, 123 8.2 Summary Statistics, 126 8.3 Correlations, 128 8.4 Persistence, 129 8.5 Beta and Stock Returns, 131 8.5.1 Portfolio Analysis, 132 8.5.2 Fama–MacBeth Regression Analysis, 140 8.6 Summary, 143 References, 144 9 The Size Effect 146 9.1 Calculating Market Capitalization, 147 9.2 Summary Statistics, 150 9.3 Correlations, 152 9.4 Persistence, 154 9.5 Size and Stock Returns, 155 9.5.1 Univariate Portfolio Analysis, 155 9.5.2 Bivariate Portfolio Analysis, 162 9.5.3 Fama–MacBeth Regression Analysis, 168 9.6 The Size Factor, 171 9.7 Summary, 173 References, 174 10 The Value Premium 175 10.1 Calculating Book-to-Market Ratio, 177 10.2 Summary Statistics, 181 10.3 Correlations, 183 10.4 Persistence, 184 10.5 Book-to-Market Ratio and Stock Returns, 185 10.5.1 Univariate Portfolio Analysis, 185 10.5.2 Bivariate Portfolio Analysis, 190 10.5.3 Fama–MacBeth Regression Analysis, 198 10.6 The Value Factor, 200 10.7 The Fama and French Three-Factor Model, 202 10.8 Summary, 203 References, 203 11 The Momentum Effect 206 11.1 Measuring Momentum, 207 11.2 Summary Statistics, 208 11.3 Correlations, 210 11.4 Momentum and Stock Returns, 211 11.4.1 Univariate Portfolio Analysis, 211 11.4.2 Bivariate Portfolio Analysis, 220 11.4.3 Fama–MacBeth Regression Analysis, 234 11.5 The Momentum Factor, 236 11.6 The Fama, French, and Carhart Four-Factor Model, 238 11.7 Summary, 239 References, 239 12 Short-Term Reversal 242 12.1 Measuring Short-Term Reversal, 243 12.2 Summary Statistics, 243 12.3 Correlations, 243 12.4 Reversal and Stock Returns, 244 12.4.1 Univariate Portfolio Analysis, 244 12.4.2 Bivariate Portfolio Analyses, 249 12.5 Fama–MacBeth Regressions, 263 12.6 The Reversal Factor, 268 12.7 Summary, 270 References, 271 13 Liquidity 272 13.1 Measuring Liquidity, 274 13.2 Summary Statistics, 276 13.3 Correlations, 277 13.4 Persistence, 280 13.5 Liquidity and Stock Returns, 281 13.5.1 Univariate Portfolio Analysis, 281 13.5.2 Bivariate Portfolio Analysis, 288 13.5.3 Fama–MacBeth Regression Analysis, 300 13.6 Liquidity Factors, 308 13.6.1 Stock-Level Liquidity, 309 13.6.2 Aggregate Liquidity, 310 13.6.3 Liquidity Innovations, 312 13.6.4 Traded Liquidity Factor, 312 13.7 Summary, 316 References, 316 14 Skewness 319 14.1 Measuring Skewness, 321 14.2 Summary Statistics, 323 14.3 Correlations, 326 14.3.1 Total Skewness, 326 14.3.2 Co-Skewness, 329 14.3.3 Idiosyncratic Skewness, 330 14.3.4 Total Skewness, Co-Skewness, and Idiosyncratic Skewness, 331 14.3.5 Skewness and Other Variables, 333 14.4 Persistence, 336 14.4.1 Total Skewness, 336 14.4.2 Co-Skewness, 338 14.4.3 Idiosyncratic Skewness, 339 14.5 Skewness and Stock Returns, 341 14.5.1 Univariate Portfolio Analysis, 341 14.5.2 Fama–MacBeth Regressions, 350 14.6 Summary, 359 References, 360 15 Idiosyncratic Volatility 363 15.1 Measuring Total Volatility, 365 15.2 Measuring Idiosyncratic Volatility, 366 15.3 Summary Statistics, 367 15.4 Correlations, 370 15.5 Persistence, 380 15.6 Idiosyncratic Volatility and Stock Returns, 381 15.6.1 Univariate Portfolio Analysis, 382 15.6.2 Bivariate Portfolio Analysis, 389 15.6.3 Fama–MacBeth Regression Analysis, 402 15.6.4 Cumulative Returns of IdioVol FF,1M Portfolio, 407 15.7 Summary, 409 References, 410 16 Liquid Samples 412 16.1 Samples, 413 16.2 Summary Statistics, 414 16.3 Correlations, 418 16.3.1 CRSP Sample and Price Sample, 418 16.3.2 Price Sample and Size Sample, 420 16.4 Persistence, 421 16.5 Expected Stock Returns, 424 16.5.1 Univariate Portfolio Analysis, 425 16.5.2 Fama–MacBeth Regression Analysis, 435 16.6 Summary, 438 References, 439 17 Option-Implied Volatility 441 17.1 Options Sample, 443 17.2 Option-Based Variables, 444 17.2.1 Predictive Variables, 444 17.2.2 Option Returns, 447 17.2.3 Additional Notes, 448 17.3 Summary Statistics, 449 17.4 Correlations, 451 17.5 Persistence, 453 17.6 Stock Returns, 455 17.6.1 IVolSpread, IVolSkew, and Vol 1M − IVol, 456 17.6.2 ΔIVolC and ΔIVolP, 460 17.7 Option Returns, 469 17.8 Summary, 474 References, 474 18 Other Stock Return Predictors 477 18.1 Asset Growth, 478 18.2 Investor Sentiment, 479 18.3 Investor Attention, 481 18.4 Differences of Opinion, 482 18.5 Profitability and Investment, 482 18.6 Lottery Demand, 483 References, 484 Index 489

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Book SynopsisAn unbiased look at how the economic practices of corporations, leaders, and government are severely damaging the American way of life Most of us have lived our lives by the rulesgoing to school, investing in real estate, and building careersbut the so-called Great Recession has changed everything. Cannibal Capitalism: How Big Business and the Feds Are Ruining America answers the questions on everyone''s lips; what happened and where do we go from here? Unlike in most other recent instances of financial turbulence, when this crisis hit, the country turned on itself economically, with the powerhousescorporations, business leaders, and governmentthrowing the everyman under the bus. In an effort to avoid becoming slightly less rich, the super-rich effectively cannibalized the true engines of growth in the economy, in the process putting the bottom ninety-nine percent of the population at serious risk of losing everything. Cannibal Capitalism fights back, arTrade Review"...Hill's analysis of cannibal capitalism's hazards is well worth the attention of readers, especially Occupiers who have yet to hone a cohesive message." (USA Today, January 2012)Table of ContentsIntroduction vii PART ONE: What's Wrong with Th is Picture? 1 Chapter One: Th e Face of Self-Destruction 3 Chapter Two: Putting the Cannibalism in Capitalism 15 Chapter Th ree: Suicide-Enabling Case Study: Crash of 2007-9 37 PART TWO: How Did We Get Here? 63 Chapter Four: Th e Evolution of Cannibal Capitalism 65 Chapter Five: Devolution of the Real Economy through Cannibal Capitalism 92 Chapter Six: Your Own Opinion or Own Facts? Selective Morality 103 PART THREE: Where AreWe Going? 113 Chapter Seven: Th e Choice of Health 115 Chapter Eight: Miseducation of the Masses 133 Chapter Nine: Power to the People 149 Chapter Ten: Bring the Money Home to Momma 181 Conclusion: Why Are We Promoting Economic Cannibalism? 196

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Book SynopsisA provocative critique of the Obama administration's economic policies and an examination of America's difficult economic future During the 2008 presidential campaign, Barack Obama promised "a net spending cut" to make government smaller in order to reduce the deficit.Table of ContentsAcknowledgments xi Introduction The Players 1 Chapter 1 The Financial Crisis 7 Chapter 2 The Worst Recovery on Record 23 Chapter 3 The Stimulus Made Things Worse 35 Chapter 4 Would the Economy Have Been in Worse Shape without the Stimulus? 85 Chapter 5 Regulatory Thuggery 121 Chapter 6 We Have Seen What Happened under Obama. So Now What Do We Do? 159 Conclusion Obama’s Legacy 201 Appendix Looking at the Fifty States 211 About the Authors 217 Index 219

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Book SynopsisInnovation, Entrepreneurship, Geography and Growth provides a timely, accessible review of our understanding of the complex links between innovation, entrepreneurship, geography and growth. Expert contributions provide a thorough roadmap of the developments in research at the interface of these themes.Table of ContentsNotes on Contributors vii 1. Innovation, Entrepreneurship, Geography and Growth 1 Philip McCann and Les Oxley 2. Theories of Entrepreneurship, Innovation and the Business Cycle 5 Simon C. Parker 3. The Transatlantic Productivity Gap: A Survey of the Main Causes 25 Raquel Ortega-Argilés 4. A Survey of the Innovation Surveys 53 Shangqin Hong, Les Oxley and Philip McCann 5. Knowledge Dynamics, Structural Change and the Geography of Business Services 79 Tommaso Ciarli, Valentina Meliciani and Maria Savona 6. Multilevel Approaches and the Firm-Agglomeration Ambiguity in Economic Growth Studies 105 Frank G. van Oort, Martijn J. Burger, Joris Knoben and Otto Raspe 7. A Relational Approach to the Geography of Innovation: A Typology of Regions 131 Rosina Moreno and Ernest Miguélez 8. An ‘Integrated’ Framework for the Comparative Analysis of the Territorial Innovation Dynamics of Developed and Emerging Countries 159 Riccardo Crescenzi and Andrés Rodr’yguez-Pose 9. Regional Innovation Systems within a Transitional Context: Evolutionary Comparison of the Electronics Industry in Shenzhen and Dongguan Since the Opening of China 177 Wenying Fu, Javier Revilla Diez and Daniel Schiller Index 197

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Book SynopsisThe coming financial apocalypse and what government and individuals can do to insulate themselves against the worst shocks In this controversial book a noted adherent of Austrian School of Economics theories advances the thesis that the United States is fast approaching the end stage of the biggest asset bubble in history. He describes how the bursting of the bubble will cause a massive interest rate shock that will send the US consumer economy and the US governmentpumped up by massive Treasury debtinto bankruptcy, an event that will send shockwaves throughout the global economy. Michael Pento examines how policies followed by both the Federal Reserve and private industry have contributed to the impending interest rate disaster and highlights the similarities between the US and European debt crisis. But the book isn''t all doom and gloom. Pento also provides well-reasoned solutions that, government, industry and individuals can take to insulate themselves against the coming Table of ContentsIntroduction xi Acknowledgments xv Chapter 1: As Good as Gold? 1 The Great American Money Machine 4 “Dad, Where Does Money Come From?” 8 The Implications of a Fiat Currency 11 Notes 14 Chapter 2: The Anatomy of a Bubble 15 The Great Depression—A Historical Comparison 19 Two Decades of a Bubble Economy 25 Does CDO Rhyme with Tulip Bulb? 29 Today’s Bubble in Bonds Rhymes with the Debt-Fueled Real Estate Crisis 31 Notes 33 Chapter 3: Bernanke’s Hair-of-the-Dog Economy 35 Austrian Trade Cycle Theory versus Keynesian Toys and Candy 36 “End This Depression Now!”—The Game Show 41 “I’m Not Addicted to Easy Money . . . and I Can Stop at Anytime” 50 No Way Out—Starring Ben Bernanke . . . 56 The Thirty-Year Party in the Bond Market 62 Notes 65 Chapter 4: Deflation Phobia and Inflation Philos 67 Fed Busters 69 Common Fed-lore Myth 1—The Myth of the Deflationary Death Spiral Monster 69 The Truth about Price Deflation 72 Fed-Lore Myth 2: Japan Proves that Debt and Deflation Go Hand-in-Hand 77 Myth 3: The Keynesian Fed-Lore of the Phillips Curve 86 Myth 4: You Can Rely on Government Statistics 92 Myth 5: The Fed Was Created for Your Benefit 100 Notes 101 Chapter 5: The Bubble Reality Check 103 The Investor Reality Check 104 The Interest Rate Reality Check 110 The Teaser Rate on U.S. Debt—Reality Check 115 Banker Reality Check 119 The China Reality Check 127 Washington’s Addiction to Debt—Reality Check 134 Notes 140 Chapter 6: The End of an Empire 141 The End of a Monetary System 145 The Economic Laws of Debt 152 U.S. Debt—This Time It’s Different 153 Is Austerity a Bad Thing? 157 Where Will All the Money Go? 160 The Bell Is Ringing for the Bubble in the Bond Market 163 Banana Ben to the Rescue 167 The Cost of an Empire 169 Notes 173 Chapter 7: Real World Europe 175 The Creation of the Euro 176 Greece 183 Dr. Hayek vs. Dr. Keynes 190 Dr. Keynes and Dr. Hayek and America’s Bout with Hyperinflation 195 I’ll Take Currency Debasement for $40 Billion . . . a Month 200 Final Jeopardy 203 The Canary in the Coal Mine 204 Notes 205 Chapter 8: The Debt Crisis 207 From Pioneer to Penurious . . . 207 The Sixteenth Amendment . . . The Beginning of the Slippery Slope 209 Mexican Debt Crisis 215 The Asian Contagion 218 Russian Debt Crisis 220 The Debt Crisis Fallout 223 What Would It Look Like Here? 225 It Can’t Happen Here? 233 I Don’t Want to Be Right 238 Conclusion 247 Notes 248 Chapter 9: What Can the Government Do to Mollify the Debt Collapse? 251 The Principles of a Free Market 252 Solution 1: Allow the Deleveraging Process to Happen 257 Solution 2: Strengthen and Stabilize the U.S. Dollar 260 Solution 3: Allow Interest Rates to Rise to the Supply of Savings versus the Demand for Money 262 Solution 4: Balance the Budget 264 Solution 5: Aggressively Reduce the Amount Of Regulatory Burden 270 Solution 6: Simplify the Tax Code 273 Solution 7: Fair Trade and a Free Trade 276 Solution 8: Overhaul Education 277 Conclusion 278 Notes 283 Chapter 10: How to Invest Your Money Before and After the Bond Bubble Bursts 285 What to Own When U.S. Debt and the Dollar Collapse 289 Notes 294 About the Author 295 Index 297

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Book SynopsisA controversial look at the impending Chinese economic collapsethe history behind it, its contemporary causes, and its dire implications for the global economy All the experts agree: the 21st century belongs to China. Given America''s looming insolvency and the possibility of the collapse of the U.S. dollar, who can doubt that China is poised to take over the role of economic superpower? Written by political economist and leading financial journalist James Gorrie, this book offers a highly controversial, contrarian view of contemporary China. Drawing upon a wealth of historical and up-to-the-minute data, Gorrie makes a strong case that China, itself, is on the verge of an economic crisis of epic proportions. He explains how, caught in a recurrent boom/bust cycle that has played itself out several times over the past sixty years, China is again approaching total economic and social collapse. But with one important difference this time: they may very well take the entire globaTable of ContentsAcknowledgments xi Introduction 1 Chapter 1 A World on Edge 17 What Is the Proper Context in Which to Assess China Today? 18 China’s Self-Inflicted Crises 23 Great Leap Forward or Famine? 24 Cultural Revolution or Social Cannibalism? 26 How Has Economic Integration with the Global Economy Changed China? 30 Is China Becoming the Next Superpower? 31 Trading Partner to the World 32 The World’s Manufacturer 33 An Appetite for Commodities 34 Why Does China Have “Gold Fever?” 35 What Does the Rise of Other Nations, but Especially of China, Mean for the Current Financial System? 37 Marketing the China Brand 38 Chapter 2 Does China Have a Bright and Powerful Future? 40 What’s Really behind the Great Wall? 41 Notes 44 Stability and Legitimacy: A Chinese Crisis from Within 47 What Kinds of Risks and Problems Are Typical of Unstable Nations? 48 Stability and Instability: What Are They? 49 The Source of China’s “Stability” 51 What Are the Characteristics and Effects of Instability? 52 Does Stability also Mean “Legitimacy” in China? 54 Is Legitimacy of the Government Necessary for Stability? 55 Does Communist China Have a History of Stability? 56 Does China’s Beijing Model Lead to Stability and Legitimacy? 58 Notes 59 Chapter 3 The Rising Tide of Instability 61 Has China Been Influenced by Western Ideas? 64 Sources of Rising Instability in China 66 Notes 96 Chapter 4 Is China’s Economy Sustainable? 99 The Beijing Model: The Path Forward or Cannibal Capitalism? 100 What Is the Beijing Model? 104 Is the Beijing Model Self-Sustaining? 105 Notes 141 Chapter 5: China’s Quiet Crisis: Financial and Economic Meltdown 145 A Perception of Strength 146 China’s Quality of GDP 148 A Public and Private Stimulus Time Bomb 152 Development versus Economic Growth 155 How Much Was the Money Supply Expanded in China? 156 Chapter 6 Bursting Bubbles 157 How Underperforming Are the Assets and the Loans Underlying Them? 159 China’s Banks Looking for the Real Thing 161 Currency Manipulation and the Domestic Economy 164 Will the Yuan Devaluation Be Enough to Keep the Economy Going? 165 Inflation and Deflation Dangers 168 Food for Riots 169 Financial Endgame 172 Notes 174 China’s Extreme Environmental Degradation 177 Raging Environmental Crises 178 A History of Huge Mistakes 178 Hiding the Truth 183 Command Economies, Dehumanized Society, and Pollution 184 Pollution, Development, and Democracy 188 China’s Lose-Lose-Lose Proposition 190 China’s Air Pollution—Gasping For a Breath of Fresh Air 192 Bitter Water: China’s Lakes, Rivers, and Streams of Poison 194 How Bad Is the Water Pollution Situation in China? 195 Cancer Villages and Insanity 196 Why Has China’s Water Pollution Gotten So Bad? 197 Lifeless Oceans 198 A Plague Upon the Land 199 China’s Dead Zones 200 The Land of Arsenic 201 Why Is Such Pollution Tolerated? 202 CCP Land Policies Promote Abuse 203 Losing the Breadbasket 204 The Deforestation and Desertification of China 207 What Is the Real Cause of Desertification? 210 Ghosts of Famines Past 211 Notes 214 Chapter 7 Political Transition and the Breaking Point 223 Will Xi Jinping Unify the CCP? 227 Liberalization versus Stability 231 Passing the Torch: China’s New Nationalism 232 Domestic Crises for the New Leadership 237 How Will the New Chinese Leadership Navigate the Rough Waters Ahead? 240 Hell and High Water 244 Notes 244 Chapter 8 Empire Decline and Complexity Theory 247 China as an Empire 248 Hong Kong 256 Taiwan 257 China’s Uighur Problem in Xinjiang 258 The Sandals and Saffron Threat of Tibet 260 Fear and Greed in the New Leadership 262 Complexity Theory 263 Notes 270 Chapter 9 The Fall of the Red Dragon 273 China’s War with China 275 The Breakup 279 Conclusion 283 Notes 284 About the Author 285 Index 287

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Book SynopsisAnalysis of Economic Data has, over three editions, become firmly established as a successful textbook for students studying data analysis whose primary interest is not in econometrics, statistics or mathematics.Table of ContentsPreface to the Fourth Edition xi Preface to the Third Edition xiii Preface to the Second Edition xiv Preface to the First Edition xv Chapter 1 Introduction 1 Organization of the Book 3 Useful Background 4 Appendix 1.1: Mathematical Concepts Used in this Book 4 Endnote 7 References 7 Chapter 2 Basic Data Handling 8 Types of Economic Data 8 Obtaining Data 13 Working with Data: Graphical Methods 15 Working with Data: Descriptive Statistics 20 Appendix 2.1: Index Numbers 23 Appendix 2.2: Advanced Descriptive Statistics 28 Appendix 2.3: Expected Values and Variances 30 Endnotes 32 Chapter 3 Correlation 34 Understanding Correlation 34 Understanding Why Variables Are Correlated 38 Understanding Correlation Through XY-Plots 41 Correlation Between Several Variables 45 Appendix 3.1: Mathematical Details 46 Endnotes 46 Chapter 4 Introduction to Simple Regression 48 Regression as a Best Fitting Line 48 Interpreting OLS Estimates 53 Fitted Values and R2: Measuring the Fit of a Regression Model 56 Nonlinearity in Regression 60 Appendix 4.1: Mathematical Details 64 Endnotes 66 Chapter 5 Statistical Aspects of Regression 67 Which Factors Affect the Accuracy of the Estimate βˆ ? 68 Calculating a Confidence Interval for β 72 Testing whether β = 0 78 Hypothesis Testing Involving R2: The F-Statistic 82 Appendix 5.1: Using Statistical Tables to Test Whether β = 0 85 Endnotes 87 References 88 Chapter 6 Multiple Regression 89 Regression as a Best Fitting Line 91 OLS Estimation of the Multiple Regression Model 91 Statistical Aspects of Multiple Regression 91 Interpreting OLS Estimates 92 Pitfalls of Using Simple Regression in a Multiple Regression Context 95 Omitted Variables Bias 97 Multicollinearity 99 Appendix 6.1: Mathematical Interpretation of Regression Coefficients 105 Endnotes 105 Chapter 7 Regression with Dummy Variables 107 Simple Regression with a Dummy Variable 109 Multiple Regression with Dummy Variables 110 Multiple Regression with Dummy and Non-dummy Explanatory Variables 113 Interacting Dummy and Non-dummy Variables 116 Chapter 8 Qualitative Choice Models 119 The Economics of Choice 120 Choice Probabilities and the Logit and Probit Models 121 Appendix 8.1: Choice Probabilities in the Logit Model 128 References 130 Chapter 9 Regression with Time Lags: Distributed Lag Models 131 Lagged Variables 133 Notation 135 Selection of Lag Order 138 Appendix 9.1: Other Distributed Lag Models 141 Endnotes 143 Chapter 10 Univariate Time Series Analysis 144 The Autocorrelation Function 147 The Autoregressive Model for Univariate Time Series 151 Nonstationary versus Stationary Time Series 154 Extensions of the AR(1) Model 156 Testing in the AR(p) with Deterministic Trend Model 161 Appendix 10.1: Mathematical Intuition for the AR(1) Model 166 Endnotes 167 References 168 Chapter 11 Regression with Time Series Variables 169 Time Series Regression when X and Y Are Stationary 170 Time Series Regression when Y and X Have Unit Roots: Spurious Regression 174 Time Series Regression when Y and X Have Unit Roots: Cointegration 174 Estimation and Testing with Cointegrated Variables 177 Time Series Regression when Y and X Are Cointegrated: The Error Correction Model 181 Time Series Regression when Y and X Have Unit Roots but Are Not Cointegrated 184 Endnotes 187 Chapter 12 Applications of Time Series Methods in Macroeconomics and Finance 189 Financial Volatility 190 Autoregressive Conditional Heteroskedasticity (ARCH) 196 Granger Causality 200 Vector Autoregressions 206 Appendix 12.1: Hypothesis Tests Involving More than One Coefficient 221 Endnotes 225 Reference 226 Chapter 13 Limitations and Extensions 227 Problems that Occur when the Dependent Variable Has Particular Forms 228 Problems that Occur when the Errors Have Particular Forms 229 Problems that Call for the Use of Multiple Equation Models 231 Endnotes 236 Appendix A Writing an Empirical Project 237 Description of a Typical Empirical Project 237 General Considerations 239 Project Topics 240 References 244 Appendix B Data Directory 246 Author Index 249 Subject Index 250

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Book SynopsisReleased to the public for the first time, writings by the incomparable Barton Biggs Long considered one of the best brains on Wall Street, Barton Biggs acquired the stature of a legend within his lifetime. Among his many coups, he accurately called the rise and fall of the dot-com market, and was an energetic promoter of emerging markets, including China, well before American businesses began flocking thereand he made vast fortunes for his clients, in the process. But, as this fascinating book confirms, it wasn''t Biggs''s genius as a market analyst and hedge fund manager alone that made him special. The product of a keen and broad-ranging intellect in full command of his subjectsand the English languagethe letters compiled in this volume leave no doubt that Barton Biggs was one of the most interesting observers of Wall Street, the financial world, and the human comedy, ever to set pen to paper. Released from Morgan Stanley''s archives and made public foTable of ContentsIntroduction xi Section 1: What’s Old is New Again 1 Section 1A: Market History and the Long View 3 In Search of History and a Word Processor That Works 3 Kondratieff and the Long Cycle 5 The Phony War 9 Ancient History 12 History, Market Deaths, and the Cult of the Equity 16 Section 1B: Fire and Ice 21 The Fire and Ice Debate 21 Ice Creeps On 26 A World Lit Only by Fire? 29 Section 1C: Bubbles and Panics 33 Manias, Panics, Crashes 33 Tulipomania 36 Anarchy 39 Life on the Good Ship Swine 43 The New New Thing 46 When? 50 Section 1D: Wars and Rumors of War 55 The Last Supper 55 The Beam That Broke the Camel’s Back 59 Bioterrorism and the Case for Higher P/E Ratios? 61 Section 1E: Geopolitics 65 Popcorn and the Decline of the West 65 Diary of Mikhail S. Gorbachev—Sunday, May 4, 1986 69 Close-Up 72 Diary of Mikhail Gorbachev, May 1987 75 The Diary of Deng Xiaoping: Wistful and Wishful Musings 78 Bottomless Pits and Nuts with Missiles 81 Diary of Saddam Hussein 83 Islamic Fundamentalism 86 Section 2: Economics and Investing 91 Section 2A: Economics and Policy 95 The Evolution of the Supply Side 95 The Tax Cut Misconception 98 Running the Movie of the Seventies Backward 100 The Piper Must Still Be Paid 103 The Old President with the Right Intuitions 116 What Kind of People are We? 119 Emerging Markets are Only for the Brave 122 Section 2B: Investment Discipline & Tactics 127 Discipline and Reading 127 How to Lose the Winner’s Game 130 You Gotta Believe 133 Section 2C: Market Psychology and Investing Philosophy 135 Contrarianism 135 Electronic War Rooms and Lying in the Sun 140 God is a Mathematician? The Fibonacci Numbers 143 Beware of Linear Thinkers: Chaos on the Upside 146 How George Soros Makes Money: The Theory He Says Guides Him 148 The Horse Whisperers 151 Mr. Market is a Manic-Depressive 155 Section 2D: Alternative Investments 159 Filthy Lucre 159 The Bull Market in Art: Mania or Magnificent Obsession? 162 Jewelry is a Girl’s Best Friend 165 Section 2E: Market Predictions 169 First Class on the Titanic 169 “It’s a Bull Market, You Know . . .” 171 Beware the Conventional Wisdom . . . 175 Dear Diary: Up with Which I Have to Put 177 Praise the Lord and Pass the Ammunition 180 “Even Monkeys Fall from Trees” 183 Big Fish Do Not Live in Small Ponds 188 Section 3: The Global View 193 Section 3A: China and Hong Kong 197 Buy Hong Kong 197 Own Hong Kong Big 201 More on China 204 China: “The New Emperors” and the Risk/Reward Equation 208 How Fast is China Really Growing? 212 China Tales 215 A China Traveler’s Tales 218 China Cooling, Us Heating 221 Section 3B: India 225 India Tilts to the Right and the Stock Market Explodes 225 India for the 1990s 228 Great Expectations 231 India: You Have to Go There to Understand 234 Section 3C: Japan 237 More on Japan 237 Long Trips 240 Japan Inc. Wants a Higher Yen 242 Japan Bought High and Will Sell Low 245 Section 3D: Europe, Middle East, Africa 249 In the Eye of the Storm 249 You Gotta Own Some Germany 253 Militant Fundamentalism Spoils the Middle East Story 256 Section 3E: Latin America 259 South America for the Nineties 259 No More Siestas 263 Argentina: The Magic Show 268 Buy Mexico and Brazil 271 Case Study: Peru 275 Mexico Will Make It 278 Mexico: Virtuous or Vicious Circle? 282 Brazil: An Act of Faith 286 Section 3F: East Asia 289 The Best-Managed Country in the World 289 Korea: Fat Premiums, Thin Pickings 293 Camelot 296 Letter from Myanmar 299 Victory Has a Thousand Fathers 302 Section 3G: Emerging Markets Roundup 307 A Bigger, Faster World 307 Jewel in the Portfolio 311 Section 4: Characters and Culture 315 Section 4A: Lunches with Luminaries 317 Investment Alchemy 317 Lunch with the Global Investor 321 Vanity Fair 325 Heroine Worship 327 Poker Games on the Titanic and Sir John 330 Section 4B: Jim the Trigger 333 The Summer of 83 333 The Trigger Comes Back for Lunch 336 U3 or “Many Shall Be Restored That are Now Fallen and . . .” 339 The Trigger Finds an Arb 341 The Trigger Comes to Lunch 344 Investment Life Its Own Self 347 A Country of His Own 350 Talking Technology with Jim the Trigger 354 Section 5: Travelogues 359 Africa 361 The Idaho High Country 364 Making a New High on Your Own Time 367 Stretching the Mid-Life Envelope 370 Japanese Landscapes 373 The Snows of Kilimanjaro 377 Pitfalls in Tokyo, Sand Traps in Colorado 381 Section 6: Books and Letters 385 Section 6A: Book Reviews 387 “Groupthink” and What to Do about It 387 Captain Money and the Golden Girl Ponzi 391 The Alchemy of Finance 395 I Wish We Didn’t Have to Play for George Steinbrenner 398 Noise and Babble 401 Section 6B: Biggs’s Reading List 405 Too Much to Read 405 “Books, We Know, are a Substantial World . . .” 408

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Book SynopsisThis book includes a collection of standards-specific case studies. The case studies offer an opportunity to combine the teaching preferences of educators with the goals of the SEC (Standards Education Committee); providing students with real-world insight into the technical, political, and economic arenas of engineering.Table of ContentsIntroduction 1 About This Book, 2 The Push for Open Standards, 3 Enter Openstand, 4 The Internet and Its Impact on Standards, 5 Where Does All This Leave SDOs?, 7 Rolling Out IPv6, 7 Standards and Trade, 8 Consortia—Chaos and Compromise, 10 Case Study Topics in This Book, 11 1. Smart Grid Takes on Critical Standards Challenges 14 A System-of-Systems, 16 Jump Starting the Smart Grid, 17 The Standards Priority, 19 Strictly Business, 22 United States Has a Running Start, 23 Smart Meter Concerns, 24 IEEE and the Smart Grid, 26 Catalog of Standards, 28 Timing is Everything, 29 Europe’s Interconnected Grid, 30 China Goes Smart, 31 The Smart Grid in Cities, 34 Wireless Everywhere, 35 Advantage, Consumer, 38 Leveraging Home Networks, 41 Conformity Assessment, 43 Cybersecurity Becomes a Major Issue, 46 Solar Flare Threats, 49 More to Come, 52 2. Bluetooth and ZigBee—Fast-Paced Standards Development Boosts Growth 56 Jump Starting the Technology, 57 Interoperability—the (Almost) Killer Issue, 58 Why "Bluetooth?", 62 Bluetooth Standards Development: A Timeline, 65 Bluetooth Today, 69 The ZigBee Story, 70 The Bluetooth and Wi-Fi Gap, 72 Fits and Starts, 73 ZigBee Products, 74 Changing of the Guard, 75 Recent ZigBee Smart Grid Developments, 76 3. Developing a Standard for Electrical Trace Heating 79 Why a New Standard was Needed, 80 Establishing a New Standard, 82 Putting Aside Differences, 83 Forming a Working Group, 83 Confidence Surges, 85 Manufacturers Experience Growth, 86 Going Global, 87 History and Timeline of IEEE 515, 88 What’s Next? A Jointly Developed International Standard: IEC/IEEE 60079-30, 89 4. TV "White Space" Standards Open New Markets 92 Making It Happen, 93 Protecting the System, 94 Setting a Standard, 95 Super Wi-Fi?, 97 Plugging Dynamic Spectrum Access, 99 DSA and the Military, 100 Finding Common Ground, 101 Economics of TV White Spaces, 103 About Those Broadcasters, 104 Wireless MICS Become an Issue, 105 Never Mind, 107 The Global Impact, 108 Future Challenges, 110 Japan Adopts White Space, 113 Another Major Market, 114 What’s Next?, 115 Spectrum Sensing, 118 5. New and Emerging Standards Help Promote Medical Device Development 121 Multiple Solutions, 122 Too Many Radios?, 124 A Work in Progress, 125 Going to Market, 127 Plenty of Standards, More Coming, 128 FDA Recognizes IEEE Standards, 129 A Device, Not a Device, 132 FDA Defines Its "Standards", 133 NFC Standards and Devices, 135 Medical Device Design Challenges, 136 More Market Research, 137 Major Markets, Players, 139 M2M in Telecare, 140 Internet of (Medical) Things, 142 The IP Wars, 143 Privacy Issues, 144 6. Wireless Chargers Become A Standards Battle Zone 145 Going Global, 147 Charged Up, 147 How It Works, 150 The Resonance Approach, 152 PMA and A4WP Unite, 153 For PMA: An Open Spec, 155 The Test Market: Starbucks and McDonald’s, 157 Getting the Word Out, 159 Intel Inside, 160 Military Needs Wireless Charging, 163 Apple Gets a Bite, 164 Innovative, Alternative Approaches to Wireless Power, 166 7. Vehicle "Black Box" Gets Its Own Standard 171 Some Background…, 172 Jump Starting EDRs, 173 Cost Becomes an Issue, 174 More Studies, More Data, 175 A Major Standard Revision, 177 Privacy a Driving Issue, 178 Updating Driver Privacy, 181 Hacking Your Car Code, 182 Europe Test Drives EDRs, 183 More GM Recalls, 185 More Technology, 186 8. EDA Sets the Standard for Complexity 188 Where do EDA Standards Come From?, 189 Semiconductors and EDA, 191 Works in Progress, 193 It’s a Business, 194 Key Standards, 196 EDA Consolidations—Consortia and Companies, 197 EDA and the Internet, 200 Back to School, 201 9. Internet of Things/M2M—A (Standards) Work in Progress 203 From RFID to IoT, 205 Defining Things, 207 IoT and the ITU, 209 Accelerating Standards Development of IoT, 214 M2M Consortia Not Far Behind, 217 Multi-Mode Wireless Sensors, 219 Big Numbers, Big Dreams, 221 Operators See Opportunity in M2M, 223 In the Chips, 227 Connected Car Standards, 229 Regulatory Issues, 231 Hack My Fridge?, 232 Politics, But Not As Usual, 233 Epilogue 235 International Standards Development Organizations Defined 253 Index 267

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Book SynopsisUse big data analytics to efficiently drive oil and gas exploration and production Harness Oil and Gas Big Data with Analytics provides a complete view of big data and analytics techniques as they are applied to the oil and gas industry. Including a compendium of specific case studies, the book underscores the acute need for optimization in the oil and gas exploration and production stages and shows how data analytics can provide such optimization. This spans exploration, development, production and rejuvenation of oil and gas assets. The book serves as a guide for fully leveraging data, statistical, and quantitative analysis, exploratory and predictive modeling, and fact-based management to drive decision making in oil and gas operations. This comprehensive resource delves into the three major issues that face the oil and gas industry during the exploration and production stages: Data management, including storing massive quantities of data in a mTable of ContentsPreface xi Chapter 1 Fundamentals of Soft Computing 1 Current Landscape in Upstream Data Analysis 2 Evolution from Plato to Aristotle 9 Descriptive and Predictive Models 10 The SEMMA Process 13 High-Performance Analytics 14 Three Tenets of Upstream Data 18 Exploration and Production Value Propositions 20 Oilfield Analytics 22 I am a. . . 27 Notes 31 Chapter 2 Data Management 33 Exploration and Production Value Proposition 34 Data Management Platform 36 Array of Data Repositories 45 Structured Data and Unstructured Data 49 Extraction, Transformation, and Loading Processes 50 Big Data Big Analytics 52 Standard Data Sources 54 Case Study: Production Data Quality Control Framework 55 Best Practices 57 Notes 62 Chapter 3 Seismic Attribute Analysis 63 Exploration and Production Value Propositions 63 Time-Lapse Seismic Exploration 64 Seismic Attributes 65 Reservoir Characterization 68 Reservoir Management 69 Seismic Trace Analysis 69 Case Study: Reservoir Properties Defined by Seismic Attributes 90 Notes 106 Chapter 4 Reservoir Characterization and Simulation 107 Exploration and Production Value Propositions 108 Exploratory Data Analysis 111 Reservoir Characterization Cycle 114 Traditional Data Analysis 114 Reservoir Simulation Models 116 Case Studies 122 Notes 138 Chapter 5 Drilling and Completion Optimization 139 Exploration and Production Value Propositions 140 Workflow One: Mitigation of Nonproductive Time 142 Workflow Two: Drilling Parameter Optimization 151 Case Studies 154 Notes 173 Chapter 6 Reservoir Management 175 Exploration and Production Value Propositions 177 Digital Oilfield of the Future 179 Analytical Center of Excellence 185 Analytical Workflows: Best Practices 188 Case Studies 192 Notes 212 Chapter 7 Production Forecasting 213 Exploration and Production Value Propositions 214 Web-Based Decline Curve Analysis Solution 216 Unconventional Reserves Estimation 235 Case Study: Oil Production Prediction for Infill Well 237 Notes 242 Chapter 8 Production Optimization 243 Exploration and Production Value Propositions 245 Case Studies 246 Notes 273 Chapter 9 Exploratory and Predictive Data Analysis 275 Exploration and Production Value Propositions 276 EDA Components 278 EDA Statistical Graphs and Plots 284 Ensemble Segmentations 290 Data Visualization 292 Case Studies 296 Notes 308 Chapter 10 Big Data: Structured and Unstructured 309 Exploration and Production Value Propositions 312 Hybrid Expert and Data-Driven System 315 Case Studies 321 Multivariate Geostatistics 330 Big Data Workflows 332 Integration of Soft Computing Techniques 336 Notes 341 Glossary 343 About the Author 349 Index 351

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Book SynopsisA guide for protecting your wealth in an age of turbulent business cycles In Prosperity in the Age of Decline, Brian and Alan Beaulieu the CEO and President of the Institute for Trend Research(R) (ITR) offer an informed, meticulously-researched look at the future and the coming Great Depression.Table of Contents1 Results That No One Can Ignore: You Can Successfully Prepare for an Unknown Future 1 Where Not to Look 3 Confidence Indicators 3 Politics 8 Federal Reserve Board (The U.S. Version of Central Banks in Other Countries) 9 Newspapers and Media 15 ITR Economics Forecast Accuracy 16 2 The Status Quo Never Was: Seven Major Trends and Assumptions That Won’t Last 21 Unstoppable Trends That Suddenly Stopped 22 Today’s Trends That Won’t Last Forever 31 Stimulus Spending Is Needed and Helpful 34 3 Preparing for Prosperity—Good News for 2015 and 2016: Do You Have Enough? 37 What Will 2015, 2016, and 2017 Look Like? 39 4 Depression Driver: Demographics 45 More People, More Older People 47 Show Me the Money 53 Medicare and Social Security 58 Managing to Win 61 Probable Winners 65 (Potential) Losers 66 5 A World That Doesn’t Remember Inflation: New Management and Investment Thought Processes Required 69 Inflation’s Impacts 77 Five Sources of Inflation 80 Managing to Win 95 Winners and Losers 101 Appendix to Chapter 5 102 6 Sovereign Debt—Harmless or Toxic? Not Just an American Problem 105 A Global Perspective 106 Summary 114 7 A Closer Look at the United States: The U.S. Problem Becomes the World’s Problem 117 Where Are We Now? 117 Where Are We Going? 122 State and Local Governments 125 Spreading the Pain around the World 127 Summary 129 8 Business Growth Strategies and Tactics from Now through 2029 131 Monthly Moving Totals (MMTs) 132 Calculating Rate-of-Change 132 Use the Metrics 133 9 Offense and Defense: Strategies for the Upside of the Business Cycle 141 Offense and Defense 141 Conflicting Messages 142 Don’t Delay 143 Phase A Management Objectives 144 Let the Good Times Roll 147 Summary 151 10 Playing Defense to Win: Enhancing Profits Even as the Economy Deteriorates 153 Management Objectives 155 The Rules Are Changing 167 Summary 168 11 Great Opportunities within the Stock Market: What Businesses and Individuals Need to Know 169 Energy Distribution 170 Printed Electronics 171 Mexico 172 Water Conservation and Distribution 173 Health Care 174 Vocational Education 176 3-D Printing 176 Housing 177 Security 177 Natural Resources 178 Food 179 Entertainment 180 12 Investing Based on Age and Trend 181 Some Commonalities 181 Different Markets—Different Times 185 How Old Are You? 192 13 How to Spot the Top (Before the Great Depression) 201 14 What the Next Generation Needs to Know: Six Things the Next Generation Must Do 209 What Owners and Managers Must Do 209 Six Things Our Kids (and Businesses) Must Do 211 15 Is There Hope? 215 What Can Stave Off the Great Depression of 2030? 215 A Different View of the 1930s 218 A Different Future 218 Summary 219 Bibliography 221 Index 223

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Book SynopsisAn accessible text that provides managers with a well-rounded economic awareness Successful managers possess an understanding of economic and market principles as they relate to business itself. Markets for Managers presents managerial economics in a casual, accessible format that will help management professionals take economic realities into account when running their companies or divisions. The book takes a global perspective while covering the full range of micro- and macroeconomic principles that managers around the world need to know. Complete with online resources that include further reading and a YouTube playlist, this guide puts business management practice within its economic context to produce a practical tool for managers. By understanding market operation and what might cause market failure, management professionals can lead companies that respond to market pressures and align operating strategies with economic realities. Monetary and fiscal policTable of ContentsPreface ix Introduction xi CHAPTER 1 Incentives Matter 1 1.1 Managerial Individualism 2 1.2 Demand Curves 5 1.3 Elasticity 12 Notes 16 CHAPTER 2 Cost and Choice 19 2.1 Opportunity Cost 20 2.2 Diminishing Marginal Returns 22 2.3 The Planning Horizon 26 2.4 Cost vs. Waste 28 Notes 29 CHAPTER 3 Market Exchange 33 3.1 Market Equilibrium 33 3.2 Comparative Statics 36 3.3 Information Economics 41 Notes 44 CHAPTER 4 Prices and Economic Calculation 47 4.1 Entrepreneurship 48 4.2 The Firm 52 4.3 Price Discrimination 54 4.4 The Knowledge Problem 58 4.5 Internal Markets 60 Notes 63 CHAPTER 5 Competition and the Market Process 67 5.1 Market Concentration 67 5.2 Collusion 69 5.3 Market Contestability 72 5.4 Monopoly Power 77 Notes 78 CHAPTER 6 Capital Theory and Recalculation 81 6.1 Microclimate 82 6.2 Unemployment 84 6.3 Recalculation 90 Notes 93 CHAPTER 7 Public Finance 97 7.1 Taxation 97 7.2 Bonds 101 7.3 Banking 104 7.4 Saving 107 7.5 Real Business Cycles 108 7.6 National Income Accounting 109 Notes 112 CHAPTER 8 Monetary Theory 117 8.1 Inflation 118 8.2 Monetary Policy 126 8.3 Monetary Regimes 133 8.4 Macroeconomic Fluctuations 135 Notes 137 CHAPTER 9 Fiscal Policy 141 9.1 The Great Depression 142 9.2 Fiscal Stimulus 144 9.3 Expansionary Fiscal Contractions 150 9.4 Confidence 153 9.5 Laissez-faire 155 9.6 The Phillips Curve 156 Notes 158 CHAPTER 10 International Economics 163 10.1 Globalisation and Trade Theory 164 10.2 Balance of Payments 168 10.3 Foreign Exchange Markets 170 10.4 Currency Regimes 175 Notes 179 CHAPTER 11 Behavioural Economics 183 11.1 Behavioural Anomalies 184 11.2 Market Efficiency 188 Notes 194 CHAPTER 12 Global Prosperity 199 12.1 Growth Theory 199 12.2 Happiness 202 12.3 Economic Freedom 206 12.4 Public Choice Theory 208 12.5 Transition Economics 215 Notes 223 Bibliography 231 Index 000

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Book SynopsisThis book deals with the social costs of markets from a heterodox perspective. It deals with the degrading of work, decline of community, and rising income inequality in the United States as markets and especially financial markets come to dominate society. Of course, if there is an attempt to point out the social costs of markets, the response of mainstream economists is to silence the critics or even in Orwellian fashion redefine their critiques so as to eliminate any negative comments about markets. While critique is necessary, there also needs to be a constructive agenda, that is, the developing of an alternative, heterodox economic theory. So overall the book presents a critique of the social costs markets and the beginning of a heterodox economic theory of how the capitalist market system actually works.Table of ContentsEditor's Introduction 1 An Essay on Distributive Justice and the Equal Ownership of Natural Resources John Pullen 6 Degraded Work, Declining Community, Rising Inequality, and the Transformation of the Protestant Ethic in America: 1870-1930 Jon D. Wisman Matthew E. Davis 37 The Making of the Institutional Theory of Social Costs: Discovering the K. W. Kapp and J. M. Clark Correspondence Sebastian Berger 68 The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the "Coase Theorem")? Altug Yalcintas 93 Financialization and Income Inequality in the United States, 1967-2010 Bradford M. Van Arnum Michele I. Naples 120 Conspicuous Consumption as Routine Expenditure and its Place in the Social Provisioning Process Zdravka Todorova 145 Classical Surplus Theory and Heterodox Economics Nuno Ornelas Martins 167 Schumpeter, Commons, and Veblen on Institutions Theofanis Papageorgiou Ioannis Katselidis Panayotis G. Michaelides 194 Lost in Translation: Why Generalized Darwinism is a Misleading Strategy for Studying Socioeconomic Evolution George Liagouras 217 When Heterodoxy Becomes Orthodoxy: Ecological Economics in The New Palgrave Dictionary of Economics Óscar Carpintero 249 Are Mainstream and Heterodox Economists Different? An Empirical Analysis Michele Di Maio 277 Index 311

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Book SynopsisThis book deals with the social costs of markets from a heterodox perspective. It deals with the degrading of work, decline of community, and rising income inequality in the United States as markets and especially financial markets come to dominate society. Of course, if there is an attempt to point out the social costs of markets, the response of mainstream economists is to silence the critics or even in Orwellian fashion redefine their critiques so as to eliminate any negative comments about markets. While critique is necessary, there also needs to be a constructive agenda, that is, the developing of an alternative, heterodox economic theory. So overall the book presents a critique of the social costs markets and the beginning of a heterodox economic theory of how the capitalist market system actually works.Table of ContentsEditor's Introduction 1 An Essay on Distributive Justice and the Equal Ownership of Natural Resources John Pullen 6 Degraded Work, Declining Community, Rising Inequality, and the Transformation of the Protestant Ethic in America: 1870-1930 Jon D. Wisman Matthew E. Davis 37 The Making of the Institutional Theory of Social Costs: Discovering the K. W. Kapp and J. M. Clark Correspondence Sebastian Berger 68 The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the "Coase Theorem")? Altug Yalcintas 93 Financialization and Income Inequality in the United States, 1967-2010 Bradford M. Van Arnum Michele I. Naples 120 Conspicuous Consumption as Routine Expenditure and its Place in the Social Provisioning Process Zdravka Todorova 145 Classical Surplus Theory and Heterodox Economics Nuno Ornelas Martins 167 Schumpeter, Commons, and Veblen on Institutions Theofanis Papageorgiou Ioannis Katselidis Panayotis G. Michaelides 194 Lost in Translation: Why Generalized Darwinism is a Misleading Strategy for Studying Socioeconomic Evolution George Liagouras 217 When Heterodoxy Becomes Orthodoxy: Ecological Economics in The New Palgrave Dictionary of Economics Óscar Carpintero 249 Are Mainstream and Heterodox Economists Different? An Empirical Analysis Michele Di Maio 277 Index 311

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Book SynopsisDescribes how to make economic decisions regading safety in the chemical and process industries Covers both technical risk assessment and economic aspects of safety decision-making Suitable for both academic researchers and practitioners in industry Addresses cost-benefit analysis for safety investments Table of ContentsPreface xi Disclaimer xiv Acknowledgements xv List of Acronyms xvii 1 Introduction 1 1.1 The “Why” of Operational Safety 1 1.2 Back to the Future: the Economics of Operational Safety 3 1.3 Difficulties in Operational Safety Economics 4 1.4 The Field of Operational Safety within the Profitability of an Organization 5 1.5 Conclusions 6 References 7 2 Operational Risk, Operational Safety, and Economics 8 2.1 Defining the Concept of Operational Risk 8 2.2 Dealing with Operational Risks 10 2.3 Types of Operational Risk 11 2.4 The Importance of Operational Safety Economics for a Company 15 2.5 Balancing between Productivity and Safety 18 2.6 The Safety Equilibrium Situation or “HRO Safety” 19 2.6.1 HRO Principle 1: Targeted at Disturbances 20 2.6.2 HRO Principle 2: Reluctant for Simplification 21 2.6.3 HRO Principle 3: Sensitive toward Implementation 21 2.6.4 HRO Principle 4: Devoted to Resiliency 21 2.6.5 HRO Principle 5: Respectful for Expertise 22 2.7 The Egg Aggregated Model (TEAM) of Safety Culture 22 2.8 Safety Futures 24 2.9 The Controversy of Economic Analyses 25 2.10 Scientific Requirements for Adequate Economic Assessment Techniques 26 2.11 Four Categories of Data 27 2.12 Improving Decision-making Processes for Investing in Safety 28 2.13 Conclusions 29 References 30 3 Economic Foundations 31 3.1 Macroeconomics and Microeconomics 31 3.2 Safety Demand and Long-term Average Cost of Production 32 3.2.1 Safety Demand 32 3.2.2 Long-term Average Cost of Production and Safety 33 3.3 Safety Value Function 35 3.4 Expected Value Theory, Value at Risk, and Safety Attitude 37 3.4.1 Expected Value Theory 37 3.4.2 Value at Risk 38 3.4.3 Safety Attitude 39 3.5 Safety Utilities 40 3.5.1 Safety Utility Functions 40 3.5.2 Expected Utility and Certainty Equivalent 41 3.6 Measuring Safety Utility Functions 42 3.7 Preferences of Safety Management – Safety Indifference Curves 43 3.8 Measuring Safety Indifference Curves 45 3.8.1 Questionnaire-based Type I Safety Indifference Curves 45 3.8.2 Problems with Determining an Indifference Curve 48 3.8.3 Time Trade-off-based Safety Utilities for Type II Safety Indifference Curves 48 3.9 Budget Constraint and n-Dimensional Maximization Problem Formulation 50 3.10 Determining Optimal Safety Management Preferences within the Budget Constraint for a Two-dimensional Problem 52 3.11 Conclusions 54 References 54 4 Operational Safety Decision-making and Economics 55 4.1 Economic Theories and Safety Decisions 55 4.1.1 Introduction 55 4.1.2 Expected Utility Theory 56 4.1.3 Prospect Theory 56 4.1.4 Bayesian Decision Theory 60 4.1.5 Risk and Uncertainty 60 4.1.6 Making a Choice Out of a Set of Options 62 4.1.7 Impact of Affect and Emotion in the Process of Making a Choice between Alternatives 64 4.1.8 Influence of Regret and Disappointment on Decision-making 64 4.1.9 Impact of Intuition on Decision-making 65 4.1.10 Other Influences while Making Decisions 66 4.2 Making Decisions to Deal with Operational Safety 66 4.2.1 Introduction 66 4.2.2 Risk Treatment Option 1: Risk Reduction 67 4.2.3 Risk Treatment Option 2: Risk Acceptance 69 4.2.4 Risk Treatment 70 4.2.5 The “Human Aspect” of Making a Choice between Risk Treatment Alternatives 74 4.3 Safety Investment Decision-making – a Question of Costs and Benefits 76 4.3.1 Costs and Hypothetical Benefits 76 4.3.2 Prevention Benefits 78 4.3.3 Prevention Costs 78 4.4 The Degree of Safety and the Minimum Overall Cost Point 79 4.5 The Type I and Type II Accident Pyramids 83 4.6 Quick Calculation of Type I Accident Costs 85 4.6.1 Accident Metrics 86 4.6.2 A Quick Cost-estimation Approach for Type I Risks 87 4.7 Quick Calculation of Type II Accident Costs 88 4.7.1 Introduction to a Study on Type II Event Decision-making 88 4.7.2 Results of the Study on Type II Event Decision-making 90 4.7.3 Results by Gender 92 4.7.4 Rational and Intuitive Thinking Styles 92 4.7.5 Conclusions of the Study on Type II Event Decision-making 94 4.8 Costs and Benefits and the Different Types of Risk 95 4.9 Marginal Safety Utility and Decision-making 97 4.10 Risk Acceptability, Risk Criteria, and Risk Comparison – Moral Aspects and Value of (Un)safety and Value of Human Life 101 4.10.1 Risk Acceptability 101 4.10.2 Risk Criteria and Risk Comparison 104 4.10.3 Economic Optimization 110 4.10.4 Moral Aspects and Calculation of (Un)safety, Monetizing Risk and Value of Human Life 111 4.11 Safety Investment Decision-making for the Different Types of Risk 123 4.11.1 Safety Investment Decision-making in the Case of Type I Risks 123 4.11.2 Safety Investment Decision-making for Type II Risks 126 4.11.3 Calculation of the Disproportion Factor, taking Societal Acceptability of Risks into Account 130 4.12 Conclusions 142 References 142 5 Cost-Benefit Analysis 149 5.1 An Introduction to Cost-Benefit Analysis 149 5.2 Economic Concepts Related to Cost-Benefit Analyses 150 5.2.1 Opportunity Cost 150 5.2.2 Implicit Value of Safety 151 5.2.3 Consistency and Uniformity of Safety Investment Decisions 152 5.2.4 Decision Rule, Present Values, and Discount Rate 154 5.2.5 Different Cost-Benefit Ratios 157 5.3 Calculating Costs 158 5.3.1 Safety Measures 158 5.3.2 Costs of Safety Measures 158 5.4 Calculating Benefits (Avoided Accident Costs) 175 5.4.1 Distinction between Various Accident Costs 176 5.4.2 Avoided Accident Costs 178 5.4.3 Investment Analysis (Economic Concepts Related to Type I Risks) 200 5.5 The Cost of Carrying Out Cost-Benefit Analyses 201 5.6 Cost-Benefit Analysis for Type I Safety Investments 202 5.7 Cost-Benefit Analysis for Type II Safety Investments 202 5.7.1 Introduction 202 5.7.2 Quantitative Assessment Using the Disproportion Factor 204 5.7.3 Decision Model 206 5.7.4 Simulation on Illustrative Case Studies 208 5.7.5 Recommendations with Regard to Using the DF0 216 5.8 Advantages and Disadvantages of Analyses Based on Costs and Benefits 216 5.9 Conclusions 217 References 217 6 Cost-effectiveness Analysis 219 6.1 An Introduction to Cost-effectiveness Analysis 219 6.2 Cost-effectiveness Ratio 220 6.3 Cost-effectiveness Analysis Using Constraints 222 6.4 User-friendly Approach for Cost-effectiveness Analysis under Budget Constraint 223 6.4.1 Input Information 223 6.4.2 Approach Cost-effectiveness Working Procedure and Illustrative Example 225 6.4.3 Illustrative Example of the Cost-effectiveness Analysis with Safety Budget Constraint 226 6.4.4 Refinements of the Cost-effectiveness Approach 227 6.5 Cost-effectiveness Calculation Often Used in Industry 232 6.6 Cost–Utility Analysis 233 6.7 Conclusions 233 References 233 7 Beyond the State-of the Art of Operational Safety Economics: Bayesian Decision Theory 235 7.1 Introduction 235 7.2 Bayesian Decision Theory 237 7.2.1 The Criterion of Choice as a Degree of Freedom 237 7.2.2 The Proposed Criterion of Choice 240 7.2.3 The Algorithmic Steps of the Bayesian Decision Theory 241 7.3 The Allais Paradox 241 7.3.1 The Choosing of Option 1B 242 7.3.2 The Choosing of Option 2A 243 7.3.3 How to Resolve an Allais Paradox 245 7.4 The Ellsberg Paradox 245 7.5 The Difference in Riskiness Between Type I and Type II Events 247 7.5.1 Outcome Probability Distributions with Equal Expectation Values 247 7.5.2 The Risk of the Type I Event 248 7.5.3 The Risk of the Type II Event 249 7.5.4 Comparing the Risks of the Type I and Type II Events 250 7.6 Discussion 251 7.7 Conclusions 253 References 253 8 Making State-of-the-Art Economic Thinking Part of Safety Decision-making 254 8.1 The Decision-making Process for an Economic Analysis 254 8.2 Application of Cost-Benefit Analysis to Type I Risks 256 8.2.1 Safety Investment Option 1 257 8.2.2 Safety Investment Option 2 259 8.3 Decision Analysis Tree Approach 262 8.3.1 Scenario Thinking Approach 263 8.3.2 Cost Variable Approach 263 8.4 Safety Value Function Approach 267 8.5 Multi-attribute Utility Approach 270 8.6 The Borda Algorithm Approach 272 8.7 Bayesian Networks in Relation to Operational Safety Economics 274 8.7.1 Constructing a Bayesian Network 274 8.7.2 Modeling a Bayesian Network to Analyze Safety Investment Decisions 276 8.8 Limited Memory Influence Diagram (LIMID) Approach 280 8.9 Monte Carlo Simulation for Operational Safety Economics 284 8.10 Multi-criteria Analysis (MCA) in Relation to Operational Safety Economics 286 8.11 Game Theory Considerations in Relation to Operational Safety Economics 292 8.11.1 An Introduction to Game Theory 292 8.11.2 The Prisoner’s Dilemma Game 294 8.11.3 The Prisoner’s Dilemma Game Involving Many Players 295 8.12 Proving the Usefulness of a Disproportion Factor (DF) for Type II Risks: an Illustrative (Toy) Problem 297 8.12.1 The Problem of Choice 297 8.12.2 The Expected Outcome Theory Solution 298 8.12.3 The Expected Utility Solution 299 8.12.4 The Bayesian Decision Theory Solution 300 8.12.5 A Numerical Example Comparing Expected Outcome Theory, Expected Utility Theory, and Bayesian Decision Theory 302 8.12.6 Discussion of the Illustrative (Toy) Problem – Link with the Disproportion Factor 304 8.13 Decision Process for Carrying Out an Economic Analysis with Respect to Operational Safety 305 8.14 Conclusions 308 References 309 9 General Conclusions 310 Index 313

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Book SynopsisExplore the inevitable collapse of the fiat monetary system Paper Money Collapse: The Folly of Elastic Money, Second Edition challenges the mainstream consensus on money and monetary policy. While it is today generally believed that the transition from ''hard'' and inflexible commodity money (such as a gold standard) to entirely flexible and potentially unlimited fiat money under national central banks allows for superior economic stability, Paper Money Collapse shows that the opposite is true. Systems of highly elastic and constantly expanding money are not only unnecessary, even for growing economies, they are always extremely destabilizing. Over time, they must lead to substantial imbalances, including excessive levels of debt and distorted asset prices, that will require ever faster money production to sustain. Ultimately, however, there is no alternative to a complete liquidation of these distortions. Based on insights of many renowned economists and in paTable of ContentsForeword xiii Acknowledgments xvii Prologue Contra the Mainstream Consensus—What This Book Is About 1 The Ruling Mainstream Consensus on Money 2 The Growth-versus-Inflation Trade-Off 7 What This Book Shows 8 Understanding Our Fiat Money System 11 What Is Different from the First Edition? 14 Support from Eminent Economists 19 A Note on Pronouns in the Text 20 Notes 21 Part One The Basics of Money Chapter 1 The Fundamentals of Money and Money Demand 25 The Origin and Purpose of Money 26 An Anthropologist’s Challenge 29 What Gives Money Value? 34 (Almost) Any Quantity of Money Will Do 36 The Demand for Money 38 Are “Sticky” Prices a Problem? 42 Other Functions of Money 46 The Unique Position of the Paper Money Producer 51 The Monetary Asset versus Other Goods 54 Notes 61 Chapter 2 The Fundamentals of Fractional-Reserve Banking 65 The Origin and Basics of Fractional-Reserve Banking 69 Who Owns “Deposited” Money? 74 Exposing Misconceptions about Fractional-Reserve Banking 77 “Free Banking” Is Limited Banking 83 Summary of Part One 87 Notes 89 Part Two The Effects of Money Injections Chapter 3 Money Injections without Credit Markets 95 Even, Instant, and Transparent Money Injection 95 Even and Nontransparent Money Injection 98 Uneven and Nontransparent Money Injection 102 Notes 107 Chapter 4 Money Injections via Credit Markets 109 Consumption, Saving, and Investing 110 Interest 111 Interest Rates Are Not Determined by Factor Productivity 113 Money Injection via the Loan Market 119 The Process in More Detail 120 Policy Implications of the Austrian Theory 130 Addendum: Gordon Tullock’s Critique of the Austrian Business Cycle Theory and Some Words on “Forced Saving” 133 An Example: U.S. Housing Boom and Bust 143 Summary of Part Two 150 Notes 154 Part Three Fallacies about the Price Level and Price-Level Stabilization Chapter 5 Common Misconceptions Regarding the Price Level 159 The Fallacy That a Stable Price Level Means “Neutral” Money 160 The Fallacy That Hard Money Is Unstable Money, Part 1—History 164 The Fallacy That Hard Money Is Unstable Money, Part 2—Theory 170 Notes 179 Chapter 6 The Policy of Stabilization 181 Problems with Price Index Stabilization 181 Addendum: The “Free Bankers” and the Theory of Immaculate Fractional-Reserve Banking 187 Summary of Part Three 193 Notes 195 Part Four A History of Paper Money and How We Got to Where We Are Now Chapter 7 A Legacy of Failure 199 Paper Money Experiments 201 1914–2014: A Century of Monetary Decay 206 Notes 215 Part Five Beyond the Cycle: Paper Money’s Endgame and the Future of Money Chapter 8 The Beneficiaries of the Paper Money System 221 Paper Money and the Banks 223 Paper Money and the State 225 Paper Money and the Professional Economist 231 Notes 234 Chapter 9 The Intellectual Superstructure of the Present System 235 The Alternative View: Individualism and Laissez-Faire 237 The Mainstream View: Collectivism and Interventionism 241 The Political Appeal of Mainstream Macroeconomics 244 The Myth That Everybody Benefits from “Stimulus” 247 Monetarism as Monetary Interventionism 250 The Savings Glut Theory and the Myth of Underconsumption and Underinvestment 253 Inflationism and International Policy Coordination 259 Notes 265 Chapter 10 Endgames—Inflationary Meltdown or Return to Hard Money? 269 Paper Money Collapse 270 Alternatives: Return to Hard Money 277 A Return to a Gold Standard 278 The Separation of Money and State 284 Bitcoin—Money of No Authority 288 Notes 300 Epilogue Money, Freedom, and Capitalism 303 About the Author 309 Index 311

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Book SynopsisAs China evolves, so does the global marketplace-all the way down to the consumer The End of Cheap China is a detailed look at the rise of China, and how it will affect the global marketplace.Table of ContentsPrologue ix Chapter 1 Chinese Billionaires Outnumber American Ones 1 Chapter 2 Cheap Chinese Labor? Not Anymore: China’s Workers Are Demanding Better Pay and Better Conditions—And They Are Earning Them 19 Chapter 3 Stability Is the Key to Happiness: How China’s Government Thinks and Why It Acts the Way It Does 39 Chapter 4 The Modern Chinese Woman 63 Chapter 5 Why Chinese Consider Kentucky Fried Chicken Healthful: China’s Iffy Food Supply Chain Is Putting a Premium on Safe Food 85 Chapter 6 Understanding Corruption in China: What China’s Underground Sex Trade Shows about Its Government 103 Chapter 7 China’s Real Estate Sector: Boom or Bust or Something Else? 125 Chapter 8 Chinese Neo-Colonialism in Africa and the End of American Hegemony? 147 Chapter 9 China’s Educational Sector: Preventing China from Cementing Its Superpower Status 171 Chapter 10 What the End of Cheap China Means for the Rest of the World 189 Epilogue 203 Postscript 205 Acknowledgments 209 Index 211

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Book SynopsisPanel Data Econometrics with R provides a tutorial for using R in the field of panel data econometrics.Table of ContentsPreface xiii Acknowledgments xvii About the CompanionWebsite xix 1 Introduction 1 1.1 Panel Data Econometrics: A Gentle Introduction 1 1.1.1 Eliminating Unobserved Components 2 1.1.1.1 Differencing Methods 2 1.1.1.2 LSDV Methods 2 1.1.1.3 Fixed Effects Methods 2 1.2 R for Econometric Computing 6 1.2.1 The Modus Operandi of R 7 1.2.2 Data Management 8 1.2.2.1 Outsourcing to Other Software 8 1.2.2.2 Data ManagementThrough Formulae 8 1.3 plm for the Casual R User 8 1.3.1 R for the Matrix Language User 9 1.3.2 R for the User of Econometric Packages 10 1.4 plm for the Proficient R User 11 1.4.1 Reproducible EconometricWork 12 1.4.2 Object-orientation for the User 13 1.5 plm for the R Developer 13 1.5.1 Object-orientation for Development 14 1.6 Notations 17 1.6.1 General Notation 18 1.6.2 Maximum Likelihood Notations 18 1.6.3 Index 18 1.6.4 The Two-way Error Component Model 18 1.6.5 Transformation for the One-way Error Component Model 19 1.6.6 Transformation for the Two-ways Error Component Model 20 1.6.7 Groups and Nested Models 20 1.6.8 Instrumental Variables 20 1.6.9 Systems of Equations 20 1.6.10 Time Series 21 1.6.11 Limited Dependent and Count Variables 21 1.6.12 Spatial Panels 21 2 The Error Component Model 23 2.1 Notations and Hypotheses 23 2.1.1 Notations 23 2.1.2 Some Useful Transformations 24 2.1.3 Hypotheses Concerning the Errors 25 2.2 Ordinary Least Squares Estimators 27 2.2.1 Ordinary Least Squares on the Raw Data: The Pooling Model 27 2.2.2 The between Estimator 28 2.2.3 The within Estimator 29 2.3 The Generalized Least Squares Estimator 33 2.3.1 Presentation of the GLS Estimator 34 2.3.2 Estimation of the Variances of the Components of the Error 35 2.4 Comparison of the Estimators 39 2.4.1 Relations between the Estimators 39 2.4.2 Comparison of the Variances 40 2.4.3 Fixed vs Random Effects 40 2.4.4 Some Simple Linear Model Examples 42 2.5 The Two-ways Error Components Model 47 2.5.1 Error Components in the Two-ways Model 47 2.5.2 Fixed and Random Effects Models 48 2.6 Estimation of a Wage Equation 49 3 Advanced Error Components Models 53 3.1 Unbalanced Panels 53 3.1.1 Individual Effects Model 53 3.1.2 Two-ways Error Component Model 54 3.1.2.1 Fixed Effects Model 55 3.1.2.2 Random Effects Model 56 3.1.3 Estimation of the Components of the Error Variance 57 3.2 Seemingly Unrelated Regression 64 3.2.1 Introduction 64 3.2.2 Constrained Least Squares 65 3.2.3 Inter-equations Correlation 66 3.2.4 SUR With Panel Data 67 3.3 The Maximum Likelihood Estimator 71 3.3.1 Derivation of the Likelihood Function 71 3.3.2 Computation of the Estimator 73 3.4 The Nested Error Components Model 74 3.4.1 Presentation of the Model 74 3.4.2 Estimation of the Variance of the Error Components 75 4 Tests on Error Component Models 83 4.1 Tests on Individual and/or Time Effects 83 4.1.1 F Tests 84 4.1.2 Breusch-Pagan Tests 84 4.2 Tests for Correlated Effects 88 4.2.1 The Mundlak Approach 89 4.2.2 Hausman Test 90 4.2.3 Chamberlain’s Approach 90 4.2.3.1 Unconstrained Estimator 91 4.2.3.2 Constrained Estimator 93 4.2.3.3 Fixed Effects Models 93 4.3 Tests for Serial Correlation 95 4.3.1 Unobserved Effects Test 95 4.3.2 Score Test of Serial Correlation and/or Individual Effects 96 4.3.3 Likelihood Ratio Tests for AR(1) and Individual Effects 99 4.3.4 Applying Traditional Serial Correlation Tests to Panel Data 101 4.3.5 Wald Tests for Serial Correlation using within and First-differenced Estimators 102 4.3.5.1 Wooldridge’s within-based Test 102 4.3.5.2 Wooldridge’s First-difference-based Test 103 4.4 Tests for Cross-sectional Dependence 104 4.4.1 Pairwise Correlation Coefficients 104 4.4.2 CD-type Tests for Cross-sectional Dependence 105 4.4.3 Testing Cross-sectional Dependence in a pseries 107 5 Robust Inference and Estimation for Non-spherical Errors 109 5.1 Robust Inference 109 5.1.1 Robust Covariance Estimators 109 5.1.1.1 Cluster-robust Estimation in a Panel Setting 110 5.1.1.2 Double Clustering 115 5.1.1.3 Panel Newey-west and SCC 116 5.1.2 Generic Sandwich Estimators and Panel Models 120 5.1.2.1 Panel Corrected Standard Errors 122 5.1.3 Robust Testing of Linear Hypotheses 123 5.1.3.1 An Application: Robust Hausman Testing 125 5.2 Unrestricted Generalized Least Squares 127 5.2.1 General Feasible Generalized Least Squares 128 5.2.1.1 Pooled GGLS 129 5.2.1.2 Fixed Effects GLS 130 5.2.1.3 First Difference GLS 132 5.2.2 Applied Examples 133 6 Endogeneity 139 6.1 Introduction 139 6.2 The Instrumental Variables Estimator 140 6.2.1 Generalities about the Instrumental Variables Estimator 140 6.2.2 The within Instrumental Variables Estimator 141 6.3 Error Components Instrumental Variables Estimator 143 6.3.1 The General Model 143 6.3.2 Special Cases of the General Model 145 6.3.2.1 The within Model 145 6.3.2.2 Error Components Two Stage Least Squares 146 6.3.2.3 The Hausman and Taylor Model 146 6.3.2.4 The Amemiya-Macurdy Estimator 147 6.3.2.5 The Breusch, Mizon and Schmidt’s Estimator 147 6.3.2.6 Balestra and Varadharajan-Krishnakumar Estimator 147 6.4 Estimation of a System of Equations 154 6.4.1 TheThree Stage Least Squares Estimator 155 6.4.2 The Error Components Three Stage Least Squares Estimator 156 6.5 More Empirical Examples 158 7 Estimation of a Dynamic Model 161 7.1 Dynamic Model and Endogeneity 163 7.1.1 The Bias of the ols Estimator 163 7.1.2 The within Estimator 164 7.1.3 Consistent Estimation Methods for Dynamic Models 165 7.2 GMM Estimation of the Differenced Model 168 7.2.1 Instrumental Variables and Generalized Method of Moments 168 7.2.2 One-step Estimator 169 7.2.3 Two-steps Estimator 171 7.2.4 The Proliferation of Instruments in the Generalized Method of Moments Difference Estimator 172 7.3 Generalized Method of Moments Estimator in Differences and Levels 174 7.3.1 Weak Instruments 174 7.3.2 Moment Conditions on the Levels Model 175 7.3.3 The System GMM Estimator 177 7.4 Inference 178 7.4.1 Robust Estimation of the Coefficients’ Covariance 178 7.4.2 Overidentification Tests 179 7.4.3 Error Serial Correlation Test 181 7.5 More Empirical Examples 182 8 Panel Time Series 185 8.1 Introduction 185 8.2 Heterogeneous Coefficients 186 8.2.1 Fixed Coefficients 186 8.2.2 Random Coefficients 187 8.2.2.1 The Swamy Estimator 187 8.2.2.2 The Mean Groups Estimator 190 8.2.3 Testing for Poolability 192 8.3 Cross-sectional Dependence and Common Factors 194 8.3.1 The Common Factor Model 195 8.3.2 Common Correlated Effects Augmentation 196 8.3.2.1 cce Mean Groups vs. cce Pooled 198 8.3.2.2 Computing the ccep Variance 199 8.4 Nonstationarity and Cointegration 200 8.4.1 Unit Root Testing: Generalities 201 8.4.2 First Generation Unit Root Testing 204 8.4.2.1 Preliminary Results 204 8.4.2.2 Levin-Lin-Chu Test 205 8.4.2.3 Im, Pesaran and Shin Test 205 8.4.2.4 The Maddala and Wu Test 206 8.4.3 Second Generation Unit Root Testing 207 9 Count Data and Limited Dependent Variables 211 9.1 Binomial and Ordinal Models 213 9.1.1 Introduction 213 9.1.1.1 The Binomial Model 213 9.1.1.2 Ordered Models 214 9.1.2 The Random Effects Model 214 9.1.2.1 The Binomial Model 214 9.1.2.2 Ordered Models 217 9.1.3 The Conditional Logit Model 219 9.2 Censored or Truncated Dependent Variable 223 9.2.1 Introduction 223 9.2.2 The Ordinary Least Squares Estimator 223 9.2.3 The Symmetrical Trimmed Estimator 225 9.2.3.1 Truncated Sample 225 9.2.3.2 Censored Sample 226 9.2.4 The Maximum Likelihood Estimator 226 9.2.4.1 Truncated Sample 226 9.2.4.2 Censored Sample 227 9.2.5 Fixed Effects Model 227 9.2.5.1 Truncated Sample 227 9.2.5.2 Censored Sample 229 9.2.6 The Random Effects Model 233 9.2.6.1 Truncated Sample 233 9.2.6.2 Censored Sample 234 9.3 Count Data 236 9.3.1 Introduction 236 9.3.1.1 The Poisson Model 236 9.3.1.2 The NegBin Model 237 9.3.2 Fixed Effects Model 237 9.3.2.1 The Poisson Model 237 9.3.2.2 Negbin Model 239 9.3.3 Random Effects Models 239 9.3.3.1 The Poisson Model 239 9.3.3.2 The NegBin Model 240 9.4 More Empirical Examples 243 10 Spatial Panels 245 10.1 Spatial Correlation 245 10.1.1 Visual Assessment 245 10.1.2 Testing for Spatial Dependence 246 10.1.2.1 CD p Tests for Local Cross-sectional Dependence 247 10.1.2.2 The Randomized W Test 247 10.2 Spatial Lags 250 10.2.1 Spatially Lagged Regressors 251 10.2.2 Spatially Lagged Dependent Variables 253 10.2.2.1 Spatial OLS 254 10.2.2.2 ML Estimation of the sar Model 254 10.2.3 Spatially Correlated Errors 255 10.3 Individual Heterogeneity in Spatial Panels 258 10.3.1 Random versus Fixed Effects 258 10.3.2 Spatial Panel Models with Error Components 260 10.3.2.1 Spatial Panels with Independent Random Effects 260 10.3.2.2 Spatially Correlated Random Effects 261 10.3.3 Estimation 261 10.3.3.1 Spatial Models with a General Error Covariance 262 10.3.3.2 General Maximum Likelihood Framework 263 10.3.3.3 Generalized Moments Estimation 267 10.3.4 Testing 269 10.3.4.1 LM Tests for Random Effects and Spatial Errors 269 10.3.4.2 Testing for Spatial Lag vs Error 272 10.4 Serial and Spatial Correlation 277 10.4.1 Maximum Likelihood Estimation 277 10.4.1.1 Serial and Spatial Correlation in the Random Effects Model 277 10.4.1.2 Serial and Spatial Correlation with KKP-Type Effects 278 10.4.2 Testing 281 10.4.2.1 Tests for Random Effects, Spatial, and Serial Error Correlation 281 10.4.2.2 Spatial Lag vs Error in the Serially Correlated Model 284 Bibliography 285 Index 297

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Book SynopsisWas the American Revolution fought to achieve abstract ideals of individual freedom or to serve economic interests? Both! is the answer provided by Prof. Thomas D. Curtis in this intriguing study. He shows how British policy, particularly as it related to the speculation in lands on the western frontier (in the Appalachias and the Ohio Valley), had the unintended effect of uniting diverse interests into a force for rebellion. The leaders included heavily indebted southern landowners (including George Washington), northern urban land speculators (including Benjamin Franklin), and wealthy northern merchants who feared, after 1773, that England would impose trade monopolies that would bankrupt them. Artisans, shopkeepers, and small-scale farmers were influenced by combinations of economic and ideological motives. Small-scale land-oriented interests consisted of the settlers who wanted cheap land for farming in the western frontier areas, but who were denied legal title to the Indian laTable of ContentsEditor’s Introduction: Updating the Curtis Thesis 1 Riches, Real Estate, and Resistance: How Land Speculation, Debt, and Trade Monopolies Led to the American Revolution — Thomas D. 30 Introduction 31 Chapter I. The Economic and Political Background 33 Chapter II. Economic Interest Groups and Western Land Speculation 54 Chapter III. England’s Colonial Land Policies, 1763 – 1767 84 Chapter IV. England’s Colonial Land Policies, 1768 – 1774 99 Chapter V. An Alliance of Interests Opposed to English Rule 124 Chapter VI. Summary and Conclusion 150 References 161 Appendix A: Proclamation of 1763 168 Appendix B: The Quebec Act of 1774 175 Index 183

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Book SynopsisWas the American Revolution fought to achieve abstract ideals of individual freedom or to serve economic interests? Both! is the answer provided by Prof. Thomas D. Curtis in this intriguing study. He shows how British policy, particularly as it related to the speculation in lands on the western frontier (in the Appalachias and the Ohio Valley), had the unintended effect of uniting diverse interests into a force for rebellion. The leaders included heavily indebted southern landowners (including George Washington), northern urban land speculators (including Benjamin Franklin), and wealthy northern merchants who feared, after 1773, that England would impose trade monopolies that would bankrupt them. Artisans, shopkeepers, and small-scale farmers were influenced by combinations of economic and ideological motives. Small-scale land-oriented interests consisted of the settlers who wanted cheap land for farming in the western frontier areas, but who were denied legal title to the Indian laTable of ContentsEditor’s Introduction: Updating the Curtis Thesis 1 Riches, Real Estate, and Resistance: How Land Speculation, Debt, and Trade Monopolies Led to the American Revolution — Thomas D. 30 Introduction 31 Chapter I. The Economic and Political Background 33 Chapter II. Economic Interest Groups and Western Land Speculation 54 Chapter III. England’s Colonial Land Policies, 1763 – 1767 84 Chapter IV. England’s Colonial Land Policies, 1768 – 1774 99 Chapter V. An Alliance of Interests Opposed to English Rule 124 Chapter VI. Summary and Conclusion 150 References 161 Appendix A: Proclamation of 1763 168 Appendix B: The Quebec Act of 1774 175 Index 183

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Book SynopsisEconoPower will provide you with a firm understanding of the influence of modern economics and how it can be used to improve the world we live in. It offers practical advice on numerous personal financial mattersearning, saving, investing, and retiringbased on the breakthrough contributions of behavioral economists. And it looks at how economists are working successfully on issues such as public education, crime, and global warming. EconoPower also examines how a new economic philosophy may dominate the new millennium.Table of ContentsForeword ix Acknowledgments xiii Introduction: A Golden Age of Discovery 1 Part One: Personal Finance: Earning, Saving, Investing, and Retiring 15 Chapter 1: Economist Discovers a Painless Way to Triple Your Savings Rate: The $90 Billion Opportunity 17 Chapter 2: Modern Portfolio Theory: Can You Beat the Market? 25 Chapter 3: Yes, You Can Beat the Market . . . with Less Risk 31 Chapter 4: High-Return Investing: Lessons from Yale's Endowment Fund 41 Chapter 5: How Chile Created a Worker-Capitalist Revolution 47 Chapter 6: The Call for Social Security Reform 53 Chapter 7: $4,000 a Month from Social Security? 57 Chapter 8: How the Private Sector Solved Its Own Pension Crisis 61 Chapter 9: The Four Sources of Happiness: Is Money One of Them? 65 Part Two: Economists Enter the Corporate Boardroom 69 Chapter 10: Improving the Bottom Line with EVA 71 Chapter 11: How Ludwig von Mises Helped Create the World’s Largest Private Company 75 Part Three: Solving Domestic Problems 81 Chapter 12: Look, Ma’am, No Traffi c Jams! 83 Chapter 13: Patient Power: The New Consumer-Driven Medical Plan 93 Chapter 14: Back to Basics: Competition Enters the Classroom 103 Chapter 15: Chicago Gun Show 107 Chapter 16: Economists Catch Auction Fever 113 Chapter 17: If You Built It Privately . . . They Will Come: The Economics of Sports Stadiums 125 Chapter 18: Who Is Henry Spearman? Economics of the Mystery Novel 131 Part Four: Solving International Problems 135 Chapter 19: Eco-nomics Debate: Angry Planet or Beautiful World? 137 Chapter 20: The Population Bomb: Economists Enter the Malthusian Debate 143 Chapter 21: A Private-Sector Solution to Extreme Poverty 147 Chapter 22: Poverty and Wealth: India versus Hong Kong 153 Chapter 23: How Real Is the Asian Economic Miracle? 157 Chapter 24: Whatever Happened to the Egyptians? 163 Chapter 25: The Irish Economic Miracle: Can We Grow Faster? 167 Chapter 26: The Marginal Tax Revolution: The Laffer Curve Goes Global 171 Chapter 27: The Debate over Economic Inequality: The Rich Get Richer, and the Poor Get . . . 177 Chapter 28: One Graph Says It All: The Development of the Economic Freedom Index 185 Chapter 29: Amazing Graph: Economists Enter Sacred Ground 197 Chapter 30: Peace on Earth, Good Will toward Men: The Case for Religious Competition 201 Part Five: Predicting the Future 205 Chapter 31: New Yale Forecasting Model: Has the Irving Fisher Curse Been Lifted? 207 Chapter 32: Forecasting Elections: Economists Do It Better! 213 Chapter 33: What Drives the Economy and Stocks: Consumer Spending or Business Investment? 217 Chapter 34: The Midas Metal: A Golden Comeback 225 Chapter 35: Is Another Great Depression Possible? 233 Chapter 36: Today’s Most Influential Economist? 239 Chapter 37: Economics for the 21st Century 243 Notes 247 About the Author 265 Index 267

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Book SynopsisIf you've wondered about how America can break links between oil consumption, terrorism, and the war in Iraq, A Declaration of Energy Independence: How Freedom from Foreign Oil Can Improve National Security, Our Economy, and the Environment will show you how our country can gain energy independence and solve its energy crisis. Written by a top energy expert, this book outlines seven economically and politically viable ways America can more efficiently use and produce energy. Find out how carbon fuels negatively impact our lives and understand the political framework of the energy crisis.Table of ContentsIntroduction : Why Energy Independence Matters More Than Iraq 1 PART ONE: The Problem of America’s Energy Dependence 11 Chapter 1: America’s Plunge into Reliance on Foreign Oil 13 Chapter 2: A Forgotten Victory Gives Hope: How America Solved Its Last Energy Crisis and Cut Oil Imports in Half 41 Chapter 3: Lapsing Back into Oil Addiction: Retreating from Battle under Presidents Reagan, Bush, Clinton, and Bush 71 Chapter 4: Blood and Treasure: The Heavy Cost of Dependence on Middle East Oil 89 Chapter 5: Fossil Fuels and Global Warming: A Dangerous Experiment with the Planet 103 Chapter 6: The Magic and Limits of Market-Based Solutions 121 Chapter 7: Seeing through the Ideological Blinders (of the Right and the Left) 133 PART TWO: Seven Economically and Politically Viable Paths to Energy Independence 143 Chapter 8: Solution One: Store Massive Emergency Reserves 145 Chapter 9: Solution Two: Drive the Car of the Future 157 Chapter 10: Solution Three: Bring Alternative Fuels to Market 173 Chapter 11: Solution Four: Plug into an Electric Future 181 Chapter 12: Solution Five: Adopt Energy Taxes Liberals and Conservatives Can Like 191 Chapter 13: Solution Six: Make Energy Conservation a Patriotic Duty 203 Chapter 14: Solution Seven: Throw Some “Hail Marys” 213 PART THREE: Securing Our National Future 221 Chapter 15: What We Need from National Leaders (and from Voters) 223 Acknowledgments 231 Notes 233 Index 243

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Book SynopsisThe compiled works of the man behind the evolution of quantitative finance Finance, Economics, and Mathematics is the complete Vasicek reference work, including published and unpublished work and interviews with the man himself. The name Oldrich A. Vasicek is synonymous with cutting-edge research in the finance fields, and this book comes straight from the source to bring you the undiluted mother lode of quant wisdom from one of the founders of the field. From his early work in yield curve dynamics, to the mean-reverting short-rate model, to his thoughts on derivatives pricing, to his work on credit risk, to his most recent research on the economics of interest rates, this book represents the life''s work of an industry leader. Going beyond the papers, you''ll also find the more personal side inspirational as Vasicek talks about the academics and professionals who made lasting impressions and collaborated, debated, and ultimately helped spawn some of his greatest thinkTable of ContentsForeword (by Robert C. Merton) ix Preface xi PART ONE Efforts and Opinions 1 CHAPTER 1 Introduction to Part I 3 CHAPTER 2 Lifetime Achievement Award (by Dwight Cass) 7 CHAPTER 3 One-on-One Interview with Oldrich Alfons Vasicek (by Nina Mehta) 13 CHAPTER 4 Credit Superquant (by Robert Hunter) 21 PART TWO Term Structure of Interest Rates 27 CHAPTER 5 Introduction to Part II 29 CHAPTER 6 An Equilibrium Characterization of the Term Structure 33 CHAPTER 7 The Liquidity Premium 45 CHAPTER 8 Term Structure Modeling Using Exponential Splines (with Gifford Fong) 49 CHAPTER 9 The Heath, Jarrow, Morton Model 63 PART THREE General Equilibrium 65 CHAPTER 10 Introduction to Part III 67 CHAPTER 11 The Economics of Interest Rates 71 CHAPTER 12 General Equilibrium with Heterogeneous Participants and Discrete Consumption Times 89 CHAPTER 13 Independence of Production and Technology Risks 107 CHAPTER 14 Risk-Neutral Economy and Zero Price of Risk 111 PART FOUR Credit 125 CHAPTER 15 Introduction to Part IV 127 CHAPTER 16 Credit Valuation 131 CHAPTER 17 Probability of Loss on Loan Portfolio 143 CHAPTER 18 Limiting Loan Loss Probability Distribution 147 CHAPTER 19 Loan Portfolio Value 149 CHAPTER 20 The Empirical Test of the Distribution of Loan Portfolio Losses 161 PART FIVE Markets, Portfolios, and Securities 163 CHAPTER 21 Introduction to Part V 165 CHAPTER 22 The Efficient Market Model (with John A. McQuown) 169 CHAPTER 23 A Risk Minimizing Strategy for Portfolio Immunization (with Gifford Fong) 195 CHAPTER 24 The Tradeoff between Return and Risk in Immunized Portfolios (with Gifford Fong) 203 CHAPTER 25 Bond Performance: Analyzing Sources of Return (with Gifford Fong and Charles J. Pearson) 213 CHAPTER 26 The Best-Return Strategy 223 CHAPTER 27 Volatility: Omission Impossible (with Gifford Fong and Daihyun Yoo) 237 CHAPTER 28 A Multidimensional Framework for Risk Analysis (with Gifford Fong) 247 CHAPTER 29 Plugging into Electricity (with Hélyette Geman) 261 CHAPTER 30 Pricing of Energy Derivatives 277 PART SIX Probability Theory and Statistics 281 CHAPTER 31 Introduction to Part VI 283 CHAPTER 32 A Note on Using Cross-sectional Information in Bayesian Estimation of Security Betas 287 CHAPTER 33 A Series Expansion for the Bivariate Normal Integral 297 CHAPTER 34 A Conditional Law of Large Numbers 305 CHAPTER 35 A Test for Normality Based on Sample Entropy 315 CHAPTER 36 Monotone Measures of Ergodicity for Markov Chains (with Julian Keilson) 325 CHAPTER 37 An Inequality for the Variance of Waiting Time under a General Queueing Discipline 333 About the Author 339 Index 341

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Book SynopsisA no-holds-barred exposé on the financialtransactionsof the world''s favourite sport The transfer fees clubs pay to sign top players now top 4 billion a year but much of the money has been flowing out of the game. A small group of wealthy investors including Russian oligarchs, English racehorse owners and a former billionaire gold miner have seized the opportunity to enter this booming market. Some have moved in on the territory of banks and lent money to clubs in exchange for a share in fees generated by Cristiano Ronaldo, Neymar and dozens more of today''s stars. Others have acquired obscure teams to get a piece of the pie. Even as the global financial crisis sent fortunes tumbling this select group found a profitable place to park their money. The size of the transfer market has continued to rise - it increased seven-fold in value the last two decades, more than the FTSE share index. Between them, these wealthy investors haveamasseTable of ContentsPrologue 1 1 The Son of Jesús 9 2 The Chess Champion 23 3 The British Tax Exile 41 4 An East End Scandal 53 5 The Prime Minister’s Men 67 6 The 100-to-1 Shot 79 7 The Switzerland of South America 93 8 “Todo Pasa” 107 9 Buenos Aires to Manchester 121 10 “I Want 40% for the Boy” 137 11 The Pharmacist’s Medicine 151 12 Working on a Dream 161 13 The Baur au Lac 175 14 The End Game? 187 Epilogue 199 Bibliography 207 Acknowledgments 209 About the Authors 211 Index 213

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Book SynopsisLeverage Big Data analytics methodologies to add value to geophysical and petrophysical exploration data Enhance Oil & Gas Exploration with Data-Driven Geophysical and Petrophysical Models demonstrates a new approach to geophysics and petrophysics data analysis using the latest methods drawn from Big Data. Written by two geophysicists with a combined 30 years in the industry, this book shows you how to leverage continually maturing computational intelligence to gain deeper insight from specific exploration data. Case studies illustrate the value propositions of this alternative analytical workflow, and in-depth discussion addresses the many Big Data issues in geophysics and petrophysics. From data collection and context through real-world everyday applications, this book provides an essential resource for anyone involved in oil and gas exploration. Recent and continual advances in machine learning are driving a rapid increase in empirical modeling capabilities. ThisTable of ContentsForeword xv Preface xxi Acknowledgments xxiii Chapter 1 Introduction to Data-Driven Concepts 1 Introduction 2 Current Approaches 2 Is There a Crisis in Geophysical and Petrophysical Analysis? 3 Applying an Analytical Approach 4 What Are Analytics and Data Science? 5 Meanwhile, Back in the Oil Industry 8 How Do I Do Analytics and Data Science? 10 What Are the Constituent Parts of an Upstream Data Science Team? 13 A Data-Driven Study Timeline 15 What Is Data Engineering? 18 A Workflow for Getting Started 19 Is It Induction or Deduction? 30 References 32 Chapter 2 Data-Driven Analytical Methods Used in E&P 34 Introduction 35 Spatial Datasets 36 Temporal Datasets 37 Soft Computing Techniques 39 Data Mining Nomenclature 40 Decision Trees 43 Rules-Based Methods 44 Regression 45 Classification Tasks 45 Ensemble Methodology 48 Partial Least Squares 50 Traditional Neural Networks: The Details 51 Simple Neural Networks 54 Random Forests 59 Gradient Boosting 60 Gradient Descent 60 Factorized Machine Learning 62 Evolutionary Computing and Genetic Algorithms 62 Artificial Intelligence: Machine and Deep Learning 64 References 65 Chapter 3 Advanced Geophysical and Petrophysical Methodologies 68 Introduction 69 Advanced Geophysical Methodologies 69 How Many Clusters? 70 Case Study: North Sea Mature Reservoir Synopsis 72 Case Study: Working with Passive Seismic Data 74 Advanced Petrophysical Methodologies 78 Well Logging and Petrophysical Data Types 78 Data Collection and Data Quality 82 What Does Well Logging Data Tell Us? 84 Stratigraphic Information 86 Integration with Stratigraphic Data 87 Extracting Useful Information from Well Reports 89 Integration with Other Well Information 90 Integration with Other Technical Domains at the Well Level 90 Fundamental Insights 92 Feature Engineering in Well Logs 95 Toward Machine Learning 98 Use Cases 98 Concluding Remarks 99 References 99 Chapter 4 Continuous Monitoring 102 Introduction 103 Continuous Monitoring in the Reservoir 104 Machine Learning Techniques for Temporal Data 105 Spatiotemporal Perspectives 106 Time Series Analysis 107 Advanced Time Series Prediction 108 Production Gap Analysis 112 Digital Signal Processing Theory 117 Hydraulic Fracture Monitoring and Mapping 117 Completions Evaluation 118 Reservoir Monitoring: Real-Time Data Quality 119 Distributed Acoustic Sensing 122 Distributed Temperature Sensing 123 Case Study: Time Series to Optimize Hydraulic Fracture Strategy 129 Reservoir Characterization and Tukey Diagrams 131 References 138 Chapter 5 Seismic Reservoir Characterization 140 Introduction 141 Seismic Reservoir Characterization: Key Parameters 141 Principal Component Analysis 146 Self-Organizing Maps 146 Modular Artificial Neural Networks 147 Wavelet Analysis 148 Wavelet Scalograms 157 Spectral Decomposition 159 First Arrivals 160 Noise Suppression 161 References 171 Chapter 6 Seismic Attribute Analysis 174 Introduction 175 Types of Seismic Attributes 176 Seismic Attribute Workflows 180 SEMMA Process 181 Seismic Facies Classification 183 Seismic Facies Dataset 188 Seismic Facies Study: Preprocessing 189 Hierarchical Clustering 190 k-means Clustering 193 Self-Organizing Maps (SOMs) 194 Normal Mixtures 195 Latent Class Analysis 196 Principal Component Analysis (PCA) 198 Statistical Assessment 200 References 204 Chapter 7 Geostatistics: Integrating Seismic and Petrophysical Data 206 Introduction 207 Data Description 208 Interpretation 210 Estimation 210 The Covariance and the Variogram 211 Case Study: Spatially Predicted Model of Anisotropic Permeability 214 What Is Anisotropy? 214 Analysis with Surface Trend Removal 215 Kriging and Co-kriging 224 Geostatistical Inversion 229 Geophysical Attribute: Acoustic Impedance 230 Petrophysical Properties: Density and Lithology 230 Knowledge Synthesis: Bayesian Maximum Entropy (BME) 231 References 237 Chapter 8 Artificial Intelligence: Machine and Deep Learning 240 Introduction 241 Data Management 243 Machine Learning Methodologies 243 Supervised Learning 244 Unsupervised Learning 245 Semi-Supervised Learning 245 Deep Learning Techniques 247 Semi-Supervised Learning 249 Supervised Learning 250 Unsupervised Learning 250 Deep Neural Network Architectures 251 Deep Forward Neural Network 251 Convolutional Deep Neural Network 253 Recurrent Deep Neural Network 260 Stacked Denoising Autoencoder 262 Seismic Feature Identification Workflow 268 Efficient Pattern Recognition Approach 268 Methods and Technologies: Decomposing Images into Patches 270 Representing Patches with a Dictionary 271 Stacked Autoencoder 272 References 274 Chapter 9 Case Studies: Deep Learning in E&P 276 Introduction 277 Reservoir Characterization 277 Case Study: Seismic Profile Analysis 280 Supervised and Unsupervised Experiments 280 Unsupervised Results 282 Case Study: Estimated Ultimate Recovery 288 Deep Learning for Time Series Modeling 289 Scaling Issues with Large Datasets 292 Conclusions 292 Case Study: Deep Learning Applied to Well Data 293 Introduction 293 Restricted Boltzmann Machines 294 Mathematics 297 Case Study: Geophysical Feature Extraction: Deep Neural Networks 298 CDNN Layer Development 299 Case Study: Well Log Data-Driven Evaluation for Petrophysical Insights 302 Case Study: Functional Data Analysis in Reservoir Management 306 References 312 Glossary 314 About the Authors 320 Index 323

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Book SynopsisA comprehensive overview of the new business context for biopharma companies, featuring numerous case studies and state-of-the-art marketing models Biotechnology has developed into a key innovation driver especially in the field of human healthcare. But as the biopharma industry continues to grow and expand its reach, development costs are colliding with aging demographics and cost-containment policies of private and public payers. Concurrently, the development and increased affordability of sophisticated digital technologies has fundamentally altered many industries including healthcare. The arrival of new information technology (infotech) companies on the healthcare scene presents both opportunities and challenges for the biopharma business model. To capitalize on new digital technologies from R&D through commercialization requires industry leaders to adopt new business models, develop new digital and data capabilities, and partner with innovators and payers wTable of ContentsForeword By Philip Kotler xi Preface xiii Acknowledgments xvii About The Authors xix Part 1 New Models For Networked Innovation Chapter 1 Digital Evolution of Biotechnology 3 Industry Applications 5 Impact of Megatrends 6 Digital Health Opportunities 6 Infotechnology Initiatives in Healthcare 8 Disruption Risk from Infotech 8 Technology Strategies 11 Big Infotech Strategies 12 Conclusion 21 Summary Points 22 Chapter 2 Biotechnology Financing Strategies 24 The Long Game 24 Financing Strategies for the Long Term at Alnylam 26 Strategic Decisions 30 Geographic Considerations 33 Sources of Financing 33 A Word about Mergers and Acquisitions 43 Summary Points 44 Chapter 3 Success Through Collaboration 46 Alliance Evolution: More Players and New Structures 46 Strategic Alliances: A Stalwart of the Biopharma Industry 50 Janssen and OSE Immunotherapeutics: Deal Strategies in a European Context 52 Alliance versus Acquisition 53 Structure Considerations to Maximize Value 55 Divesting for Focus 55 Doing the Deal 56 Summary Points 65 Part 2 New Business and Marketing Models Chapter 4 Precision Medicine 69 What is Precision Medicine? 69 Targeted Medicines Multiply but Drug-Diagnostic Pairs are Rare 69 Precision Medicine is Happening at Several Levels 71 Multiple Forces, Beyond Science, are Driving Precision Medicine 72 Digital Precision Medicine 74 Precision Medicine in Practice: Lessons from Cancer 75 Challenges: Scientific, Infrastructural, Regulatory, and Commercial 79 Surmounting the Hurdles to Revolutionize Medicine 83 Stakeholder Expansion in Precision Medicine 86 Biopharma Must Drive, not be Driven by, Precision Medicine 87 Precision Medicine’s Future 90 Summary Points 92 Chapter 5 Precision Marketing 94 Introduction 94 Portfolio Shift to Specialty Products 95 Balancing Evidence and Experience 96 R & D and Commercial Coordination 97 Science is the New Marketing 98 Value of Experience: The Consumer Decision Journey 100 Marketing Beyond the Pill 101 Targeting New Consumer Segments 102 New Physician Segments 102 Dual Branding Models 103 New Launch Strategies 105 Companion Diagnostics 105 Global Organization 108 Multichannel Communications 109 Content Marketing 110 Salesforce Strategies 111 Sustainability Strategies: Beyond the Life Cycle 113 Summary Points 118 Chapter 6 Patient Centricity Strategies 120 Introduction 120 Patient Centricity Drivers and Barriers 121 Discovery: Understanding Unmet Needs 123 Designing Patient-Friendly Clinical Trials 125 Connecting the Points of Care 130 Understanding the Patient Journey 135 Organizing for Patient Centricity 138 Who Are You Working For? Bristol-Myers Squibb Employee Engagement Initiative 138 Patient Engagement Metrics 140 Organization Models 142 Summary Points 143 Chapter 7 Drug Pricing In Context 145 Introduction 145 The Economics of Drug Pricing 146 Competing Definitions of Product Value Complicate Drug Pricing 153 Proving Efficacy in the Real World 155 Setting the Pricing Strategy 157 Analyzing New Pricing Models 160 Drug Pricing in the United States: The Pressure Continues to Build 162 Deployment of New Pricing Strategies 163 Experimental Pricing Strategies 165 Financing the Future: Affordability 169 New Tools for Outcomes-Data Capture 170 Conclusion 171 Summary Points 171 Chapter 8 Strategic Payer Engagement 173 Payers Are Not All Alike 173 New Market Forces Increase Payer Power 175 The Increasing Importance of the Consumer in the United States 176 European Payers: High-Level Unity, Low-Level Fragmentation 180 United States Adopts European-Style Cost-Effectiveness Hurdles 181 Payer Engagement Strategies Must be Tailored, Scalable, and Flexible 182 Changing Biopharma-Payer Relationships: From Transactional to Collaborative 185 New Biopharma Organizational Models Needed 187 Biopharma-Payer Engagement Must Move Beyond Experimentation 188 Strategic Payer Engagement Comes in Many Forms 192 Summary Points 193 Part 3 New Models For Digital Health Chapter 9 Digital Health Strategies 197 Introduction 197 Biopharma Digital Strategies 197 Digital Impact on Supply Chain Management 200 Digital Transformation of Commercial Activities 201 Consumer-Centered Trends 206 Provider-Centered Strategies: Telehealth 210 Conclusion 213 Summary Points 213 Chapter 10 Creating Agility Through Data and Analytics 215 Introduction 215 Multiple Forces Converge to Create Data and Analytics Opportunities 216 Healthcare’s Four Data Vectors: Volume, Velocity, Variety, and Veracity 218 Extracting Value from Data Requires New Tools 221 The Analytics Continuum: From Descriptive to Prescriptive 223 Artificial Intelligence: The Potential to Make Drugs Smarter, Faster, and for Less 225 Data Analytics across the Biopharma Value Chain 226 Data and Analytics Challenges 233 Building an Analytics-First Organization: Cultural not Technical Hurdles 238 Conclusion 242 Summary Points 242 Conclusion 243 References 246 Index 273

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Book SynopsisSet includes Introduction to Quantitative Methods in Business: With Applications Using Microsoft Office Excel ISBN 978-1-119-22097-8 and the accompanying Solutions Manual ISBN 978-1-119-22102-9 A well-balanced and accessible introduction to the elementary quantitative methods and Microsoft Office Excel applications used to guide business decision making Featuring quantitative techniques essential for modeling modern business situations, Introduction to Quantitative Methods in Business: With Applications Using Microsoft Office Excel provides guidance to assessing real-world data sets using Excel. The book presents a balanced approach to the mathematical tools and techniques with applications used in the areas of business, finance, economics, marketing, and operations. The authors begin by establishing a solid foundation of basic mathematics and statistics before moving on to more advanced concepts. The first part of the book starts by develop

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Book SynopsisThe Builders, Baby Boomers, Generation X, and Millennialsall make up workforces in every type of industry all over the world. The generational gaps are numerous and distinctly different between each age group, and Millennials have gotten a reputation for being particularly unique and often challenging. In this updated and expanded Second Edition of the popular guidebook Managing the Millennials, you''ll see how Millennial traits are the same around the globe. In fact, Millennials are more alike than any other generation before them due in large part to rapid advances in technology that let us share more experiences together. These same rapid advances are also redefining the fundamental ways businesses operate, and this revised edition includes the international perspective today''s valuable leadership needs to attract and retain these high-performing workers with very different values and expectations. With fresh research and new real-world examples, the powerhoTrade ReviewPraise for Managing the Millennials "If you're going to run a successful organization in the future, you'll have to learn how to manage the Millennial generation—that thundering herd of young people whose numbers exceed the Baby Boomers. They will push you and frustrate you, but they will help you win going forward. Managing the Millennials is a must-read for every leader who wants his or her organization to have a great future."—Ken Blanchard, coauthor of The One Minute Manager® and Leading at a Higher Level "Our company has had the good fortune of becoming a trusted brand with the new generation. Without them, we would not exist. It would be easy for us to think that we 'know enough' because of our business. The truth is that we cannot afford to not build the same trust within our organization between the generations that make up the Quiksilver family. Managing the Millennials is a practical hands-on approach to understanding how generational tension gets created and what to do about it. I was fascinated by what I learned and excited about sharing it within our company."—Robert McKnight, chairman, Quiksilver, Inc. "Managing the Millennials has taught us how to harvest the creativity and energy of a new generation and inspire those of us who lead them."—Bruce Ratner, chairman, Forest City Ratner Companies, New York "With more than 32 million twenty-somethings in today's workforce, managers more than ever before need a clear road map for building bridges of communication and engagement between generations. Based on years of research and real-world business experience, Managing the Millennials is the first book to fuse the authors' cutting-edge concepts with a powerful and easy-to-use framework for putting their ideas into action. This is one book that I will wholeheartedly recommend to every business leader whose job includes managing people."—Peter Economy, best-selling author of Managing For Dummies, and associate editor, Leader to Leader magazine "This book is timely and practical for those facing the challenge of managing across generations. It takes a certain degree of maturity and perspective to be able to suspend one's own bias and engage others. Managers who practice the core competencies in this book will be better equipped to develop the people they lead."—Laura Curnutt Santana, PhD, Lead Faculty Financial Services Sector/Senior Faculty Global Markets Americas, Center for Creative LeadershipTable of ContentsForeword Gabrielle Jackson Bosché xv Introduction Close Encounters with a Different Kind xix Part I The Millennial Phenomenon 1 Chapter 1 The Millennials and You 3 The Generations at Work 4 What in the World is Happening? 8 The Coming Job Gap 12 You’re So Special 13 Bridging the Gap 15 Chapter 2 Aren’t We All Just the Same? 17 So What? isn’t Every Generation the Same? 17 Who Gets to Do the Sense-Making and Set the Rules? 24 Chapter 3 The Effective Managers versus the Challenged Managers 27 Mind-Set 30 Following Up with Human Resources 33 Chapter 4 The Points of Tension between Managers and Millennials 35 Perceptual Positioning 37 The Consequence of Inexperience40 Part II Discover the Core Competencies for Managing Today’s Workforce 53 Chapter 5 Be Flexible: When Letting Them Have It Their Way Makes Sense 55 Flexing with the Autonomous The Millennial Intrinsic Value: Work-Life Blending 56 The Bias of Experience 57 Psychological Contract 60 Learning from Our Success 61 Learning from Our Failure 62 Best Practice 62 Chapter 6 Create the Right Rewards: Rewarding the Right Things in the Right Ways 65 Incenting the Entitled The Millennial Intrinsic Value: Reward 66 The Bias of Experience 66 Rewarding the Right Way 68 Rewarding the Right Things 69 Keeping Them Informed 70 Learning from Our Success 71 In a Nutshell 73 Chapter 7 Put Their Imagination to Work: They are at the Head of the Creative Class 75 Cultivating the Imaginative The Millennial Intrinsic Value: Self-Expression 76 The Bias of Experience 76 Creativity and Competitive Advantage 78 Managerial Best Practices 79 Let Them Know What Happened with Their Ideas 80 Let Them Have Fun 81 In a Nutshell 82 Chapter 8 Build a Relationship: First Them, Then You 85 Engaging the Self-Absorbed The Millennial Intrinsic Value: Attention 86 The Bias of Experience 88 Best Practices 88 So What are Some Barriers to Engaging? 91 Something to Think About 95 The Transfer of Tacit Knowledge Will Not Happen without Building a Relationship 95 Chapter 9 Be Positive When Correcting: Fragile, Handle with Care 99 Disarming the Defensive The Millennial Intrinsic Value: Achievement 100 The Bias of Experience 103 Best Practices 104 Learning from Success 106 In a Nutshell 110 Chapter 10 Don’t Take Things Personally: It is Not Always about You 113 Self-Differentiating from the Abrasive The Millennial Intrinsic Value: Informality 114 The Bias of Experience 115 Self-Differentiating Is about You 117 Know Where They End and You Begin 118 Separateness and Togetherness 119 Know the Difference between Your Role and Your Person 119 Beware of Triangulating 119 Think about Your Presence 120 Confessions 121 In a Nutshell 122 Chapter 11 Show Them the Big Picture: The Big Picture Does Not Exist Until You Help Them See It 125 Broadening the Myopic The Millennial Intrinsic Value: Simplicity 126 The Bias of Experience 127 Learning from Success 128 Learning from Failures 128 Start with Something Easy 129 The Consequential Thinking Model 130 The Five Whys 131 Please, Do Share 132 In a Nutshell 134 Chapter 12 Include the Details: Ambiguity is Their Kryptonite 137 Directing the Unfocused The Millennial Intrinsic Value: Multitasking 138 The Bias of Experience 139 Directing? I Thought They Wanted Autonomy 140 Giving Direction 141 Learning from Success 142 Learning from Our Failures 143 In a Nutshell 145 Chapter 13 Make It Matter to Them: They Want to Know “Why” before “What” 147 Motivating the Indifferent The Millennial Intrinsic Value: Meaning 148 The Bias of Experience 150 Hierarchy of Capabilities 152 Learning from Success 155 Learning from Our Failures 156 In a Nutshell 157 Part III Your Competitive Advantage 159 Chapter 14 Building a Millennial-Friendly Culture 161 Identify Your All-Stars and Give Them a Platform 161 Involve Your Managers in the Conversation 163 Ask Millennials 163 Suspend Organizational Bias 164 Promote the Core Competencies for Managing Today’s Workforce 165 The Generational Rapport Inventory 166 Chapter 15 Mentoring Millennials 169 Challenges Millennials Face in the Workplace 171 Strategies for Overcoming Roadblocks at Work 172 The Seven Skills for Overcoming Roadblocks 177 In the End 179 Acknowledgments 181 Notes 183 Index 191

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Book SynopsisThe Innovation of Globalization proven strategies to succeed and out-compete emerging competition Does your company know how to compete effectively in the evolving global business arena? What tactics must your company use to overcome price discounting wars that cut into your margins? What are the strategies your new rivals incorporate that may prove more valuable to customers than the superior products you offer? The China Factorequips Western businesses with a practical framework for competing successfully in today's ever-changing global markets. Written by an expertin competitive strategy and global market expansion, this book is packed with insights gained through first-hand experience leading competitive programs at a high-tech multinational corporation and extensive research. When it comes to globalization, the rules have changedwhat was once nice-to-know is now need-to-know, and this book lays it out in a clear, no-nonsense style. BasTable of ContentsForeword by Ken Wilcox xi Introduction 1 SECTION I State of Affairs 13 CHAPTER 1 The Art of War . . . and Money 15 CHAPTER 2 East and West: The Current State of Affairs 21 CHAPTER 3 How China Came Up the Ladder (and So Quickly) 29 CHAPTER 4 The West No Longer Rules 35 CHAPTER 5 Introduction to the Marketing Framework for Our Analysis 41 SECTION II China 49 CHAPTER 6 How the Chinese Do Business à la the 5Ps: A Brief Summary 51 CHAPTER 7 Market Segmentation and Target Market Selection + China’s Market Penetration Approach 57 CHAPTER 8 China: Product => Solution and Innovation 65 CHAPTER 9 China: Price => Value-Add 73 CHAPTER 10 China: Place => Partnerships 85 CHAPTER 11 China: Promotion => Customer Relationships and Culture 93 CHAPTER 12 China: Politics => The 5th P—The Geopolitical Dimension 105 SECTION III The West 113 CHAPTER 13 Recommendations for the West and Application of the 5Ps 115 CHAPTER 14 The West: Product => Solution and Innovation 119 CHAPTER 15 The West: Price => Value-Add 131 CHAPTER 16 The West: Place => Partnerships 143 CHAPTER 17 The West: Promotion => Customer Relationships and Culture 151 CHAPTER 18 The West: Politics => The Geopolitical Dimension 167 CHAPTER 19 Innovation Models: West and East 185 CHAPTER 20 The West: Positioning 205 SECTION IV Case Studies 217 CHAPTER 21 Frenemies: If You Can’t Beat Them, Join Them 219 Conclusion 239 Acknowledgments 241 Appendix A 243 Appendix B 245 Notes 253 Bibliography and Further Reading 261 About the Author 267 Index 269

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Book SynopsisEnvironmental Economics and Sustainability presents a collection of peer-reviewed research articles contributed by international experts that reveal the current state of our knowledge in the field of environmental economics.Table of Contents1. A New Direction in Environmental Economics 1Brian Chi-ang Lin and Siqi Zheng 2. Detecting Volcanic Eruptions in Temperature Reconstructions by Designed Break-Indicator Saturation 7Felix Pretis, Lea Schneider, Jason E. Smerdon and David F. Hendry 3. Structural Equation Modelling and the Causal Effect of Permanent Income on Life Satisfaction: The Case of Air Pollution Valuation in Switzerland 39Eleftherios Giovanis and Oznur Ozdamar 4. The Decomposition and Dynamics of Industrial Carbon Dioxide Emissions for 287 Chinese Cities in 1998–2009 71Maximilian Auffhammer, Weizeng Sun, Jianfeng Wu and Siqi Zheng 5. Environmental Sustainability and the Greened Samuelson Rule 95Yunmin Chen, Brian Chi-ang Lin and John E. Anderson 6. Household Cooperation in Waste Management: Initial Conditions and Intervention 111Marie Briguglio 7. One without the Other? Behavioural and Incentive Policies for Household Waste Management 143Ankinée Kirakozian 8. Economic Evolution in China’s Ecologically Fragile Regions 173Xiangzheng Deng, ZhanWang and Chunhong Zhao 9. Globalization and Climate Change: New Empirical Panel Data Evidence 201Maoliang Bu, Chin-Te Lin and Bing Zhang 10. A Survey of the Literature on Environmental Innovation Based on Main Path Analysis 221Nicoló Barbieri, Claudia Ghisetti, Marianna Gilli, Giovanni Marin and Francesco Nicolli 11. Economic Targets and Loss-Aversion in International Environmental Cooperation 251Doruk Íris 12. Cooperative Game Theory Applied to IEAS: A Comparison of Solution Concepts 279Marco Rogna Index 311

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Book SynopsisA GUIDE TO ECONOMICS, STATISTICS AND FINANCE THAT EXPLORES THE MATHEMATICAL FOUNDATIONS UNDERLING ECONOMETRIC METHODS An Introduction to Econometric Theory offers a text to help in the mastery of the mathematics that underlie econometric methods and includes a detailed study of matrix algebra and distribution theory. Designed to be an accessible resource, the text explains in clear language why things are being done, and how previous material informs a current argument. The style is deliberately informal with numbered theorems and lemmas avoided. However, very few technical results are quoted without some form of explanation, demonstration or proof. The authora noted expert in the fieldcovers a wealth of topics including: simple regression, basic matrix algebra, the general linear model, distribution theory, the normal distribution, properties of least squares, unbiasedness and efficiency, eigenvalues, statistical inference in regression, t and F tests, the partitioned regression, sTable of ContentsList of Figures ix Preface xi About the CompanionWebsite xv Part I Fitting 1 1 Elementary Data Analysis 3 1.1 Variables and Observations 3 1.2 Summary Statistics 4 1.3 Correlation 6 1.4 Regression 10 1.5 Computing the Regression Line 12 1.6 Multiple Regression 16 1.7 Exercises 18 2 Matrix Representation 21 2.1 Systems of Equations 21 2.2 Matrix Algebra Basics 23 2.3 Rules of Matrix Algebra 26 2.4 Partitioned Matrices 27 2.5 Exercises 28 3 Solving the Matrix Equation 31 3.1 Matrix Inversion 31 3.2 Determinant and Adjoint 34 3.3 Transposes and Products 37 3.4 Cramer’s Rule 38 3.5 Partitioning and Inversion 39 3.6 A Note on Computation 41 3.7 Exercises 43 4 The Least Squares Solution 47 4.1 Linear Dependence and Rank 47 4.2 The General Linear Regression 50 4.3 Definite Matrices 52 4.4 Matrix Calculus 56 4.5 Goodness of Fit 57 4.6 Exercises 59 Part II Modelling 63 5 Probability Distributions 65 5.1 A Random Experiment 65 5.2 Properties of the Normal Distribution 68 5.3 Expected Values 72 5.4 Discrete Random Variables 75 5.5 Exercises 80 6 More on Distributions 83 6.1 Random Vectors 83 6.2 The Multivariate Normal Distribution 84 6.3 Other Continuous Distributions 87 6.4 Moments 90 6.5 Conditional Distributions 92 6.6 Exercises 94 7 The Classical RegressionModel 97 7.1 The Classical Assumptions 97 7.2 The Model 99 7.3 Properties of Least Squares 101 7.4 The Projection Matrices 103 7.5 The Trace 104 7.6 Exercises 106 8 The Gauss-Markov Theorem 109 8.1 A Simple Example 109 8.2 Efficiency in the General Model 111 8.3 Failure of the Assumptions 113 8.4 Generalized Least Squares 114 8.5 Weighted Least Squares 116 8.6 Exercises 118 Part III Testing 121 9 Eigenvalues and Eigenvectors 123 9.1 The Characteristic Equation 123 9.2 Complex Roots 124 9.3 Eigenvectors 126 9.4 Diagonalization 128 9.5 Other Properties 130 9.6 An Interesting Result 131 9.7 Exercises 133 10 The Gaussian RegressionModel 135 10.1 Testing Hypotheses 135 10.2 Idempotent Quadratic Forms 137 10.3 Confidence Regions 140 10.4 t Statistics 141 10.5 Tests of Linear Restrictions 144 10.6 Constrained Least Squares 146 10.7 Exercises 149 11 Partitioning and Specification 153 11.1 The Partitioned Regression 153 11.2 Frisch-Waugh-Lovell Theorem 155 11.3 Misspecification Analysis 156 11.4 Specification Testing 159 11.5 Stability Analysis 160 11.6 Prediction Tests 162 11.7 Exercises 163 Part IV Extensions 167 12 Random Regressors 169 12.1 Conditional Probability 169 12.2 Conditional Expectations 170 12.3 StatisticalModels Contrasted 174 12.4 The Statistical Assumptions 176 12.5 Properties of OLS 178 12.6 The Gaussian Model 182 12.7 Exercises 183 13 Introduction to Asymptotics 187 13.1 The Lawof Large Numbers 187 13.2 Consistent Estimation 192 13.3 The Central LimitTheorem 195 13.4 Asymptotic Normality 198 13.5 Multiple Regression 201 13.6 Exercises 203 14 Asymptotic Estimation Theory 207 14.1 Large Sample Efficiency 207 14.2 Instrumental Variables 208 14.3 Maximum Likelihood 210 14.4 Gaussian ML 213 14.5 Properties of ML Estimators 214 14.6 Likelihood Inference 216 14.7 Exercises 218 Part V Appendices 221 A The Binomial Coefficients 223 B The Exponential Function 225 C Essential Calculus 227 D The Generalized Inverse 229 Recommended Reading 233 Index 235

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Book SynopsisAs we enter the Industrial Revolution 4.0, demands for an increasing degree of trust and privacy protection continue to be voiced. The development of blockchain technology is very important because it can help frictionless and transparent financial transactions and improve the business experience, which in turn has far-reaching effects for economic, psychological, educational and organizational improvements in the way we work, teach, learn and care for ourselves and each other. Blockchain is an eccentric technology, but at the same time, the least understood and most disruptive technology of the day. This book covers the latest technologies of cryptocurrencies and blockchain technology and their applications. This book discusses the blockchain and cryptocurrencies related issues and also explains how to provide the security differently through an algorithm, framework, approaches, techniques and mechanisms. A comprehensive understanding of what blockchain is and how it works, as wellTable of ContentsList of Figures xv List of Tables xix Foreword xxi Preface xxiii Acknowledgments xxix Acronyms xxxi Part I Cryptocurrencies and Blockchain Technology 1 Blockchain: A New Era of Technology 3Gururaj H L, Manoj Athreya A, Ashwin A Kumar, Abhishek M Holla, Nagarajath S M, Ravi Kumar V 1.1 Introduction to Web 3.0 6 1.1.1 Web 1.0 6 1.1.2 Web 2.0 6 1.1.3 Web 3.0 7 1.2 Blockchain 7 1.2.1 Hash Cryptography 8 1.2.2 Immutability 9 1.2.3 Distributed P2P Network 10 1.2.4 Mining 11 1.2.5 Consensus Protocol 11 1.3 Bitcoin 12 1.4 Ethereum 12 1.4.1 Ethereum Network 13 1.4.2 Interfacing with Ethereum 13 1.4.3 Ethereum Account 14 1.4.4 Ethereum Network Transactions 15 1.5 InterPlanetary File System (IPFS) 15 1.6 Decentralized Applications (DApps) 16 1.7 Case Study: FIR 17 1.7.1 Project Description 18 1.7.2 Tools Used 18 1.7.3 Project Workings 20 1.8 Conclusion 22 References 23 2 Blockchain: A Path to the Future 25Avinash Kaur, Anand Nayyar, Parminder Singh 2.1 Introduction 26 2.2 Blockchain Architecture 27 2.2.1 Block 27 2.2.2 Digital Signature 28 2.2.3 Main Attributes of Blockchain 29 2.3 Types of Blockchain Systems 29 2.4 Consensus Algorithms 30 2.4.1 Proof of Work (PoW) 30 2.4.2 Pure Stake-Based Consensus 34 2.4.3 Leased Proof of Stake (LPoS) 34 2.4.4 Delegated Proof of Stake (DPOS) 34 2.4.5 Hybrid Form of PoS and PoW 35 2.4.6 Practical Byzantine Fault Tolerance (PBFT) 35 2.4.7 Ripple 35 2.4.8 Tendermint 35 2.4.9 Proof of Elapsed Time 36 2.4.10 Proof of Activity (PoA) 36 2.4.11 Proof of Burn (PoB) 36 2.5 Blockchain Applications That are Transforming Society 37 2.6 Future Scope 38 References 39 3 Blockchain in 5G 43C. Mageshkumar, J. Rajeshkumar, L. Godlin Atlas, P. Hamsagayathri 3.1 Introduction 44 3.1.1 What is Blockchain Technology? 45 3.1.2 Blockchain in Real-Time World 45 3.1.3 Working Process of Blockchain 47 3.2 Data Economy of Blockchain and 5G 47 3.3 Combination of Blockchain Technology and 5G Mobile Connection 50 3.4 How to Use 5G and Blockchain Together 50 3.5 Applications of Blockchain and 5G 52 3.5.1 Smart Contracts 52 3.5.2 Data Management 52 3.5.3 Supply Chain Auditing 52 3.5.4 Entertainment and Multimedia 52 3.5.5 Smart Home 53 3.5.6 Logistics and Shipping 53 3.5.7 Drone Operation 53 3.6 Conclusion 53 References 53 4 Blockchain in Social Networking 55T. Poongodi, R. Sujatha, D. Sumathi, P. Suresh, B. Balamurugan 4.1 Overview of Blockchain and Social Networking Platform 56 4.1.1 Basic Structure of Blockchain 57 4.1.2 Review of Social Networking Platform 58 4.1.3 Relationship between Social Media and Blockchain 60 4.2 Decentralized Online Social Network 60 4.2.1 Distributed Online Social Network Architecture 60 4.2.2 Social Data Representation 61 4.2.3 Security Issues 63 4.3 Trusted Social Network with Blockchain Technology 63 4.3.1 Rumor Spreading Model 65 4.3.2 Blockchain Protocols for Rumor Spreading 66 4.3.3 Comparison of SIR and Blockchain-Based SIR 67 4.4 Privacy-Preserving Services for Social Network 69 4.4.1 Blockchain-Based Social Media 70 4.4.2 Impact of Blockchain in Social Media 71 4.5 Issues and Challenges of Blockchain in Social Network 72 4.6 Conclusion 73 References 73 5 Integrating Blockchain with CACC for Trust and Platoon Management 77Pranav Kumar Singh, Roshan Singh, Sunit Kumar Nandi, Sukumar Nandi 5.1 Introduction 78 5.2 Literature Review 80 5.3 Background 81 5.3.1 CACC Platooning 81 5.3.2 Blockchain 82 5.3.3 Smart Contracts 82 5.3.4 Ethereum 82 5.4 Consensus in Blockchain 83 5.4.1 Proof-of-Work (PoW) 83 5.4.2 Proof-of-Authority (PoA) 84 5.5 Proposed Framework 84 5.5.1 Blockchain at the Vehicular Plane for Intra-platoon Communications 84 5.5.2 Blockchain at the RSU Plane for Trust and Reputation Management 89 5.6 Experiments 91 5.6.1 Experiment 1: Blockchain for Intra-platoon Communication and Platoon Management 91 5.6.2 Experiment 2: Blockchain for Trust and Reputation Management 91 5.7 Results and Discussion 92 5.8 Conclusion 94 References 95 6 Impact of Blockchain for Internet of Things Security 99Bhawana Rudra 6.1 Introduction 100 6.2 Challenges and Issues in IoT 101 6.2.1 Attacks on IoT 101 6.3 Blockchain 106 6.3.1 Features 107 6.3.2 Blockchain Types 110 6.4 IoT Blockchain Approaches 110 6.4.1 Blockchain Platforms for IoT 111 6.4.2 Applications 114 6.5 Research Challenges 119 6.6 Conclusion 121 References 121 7 Chaos Control Dynamics of Cryptovirology in Blockchain 129Rashmi Bhardwaj and Saureesh Das 7.1 Introduction 130 7.2 Mathematical Modeling and Stability Analysis 132 7.2.1 Fixed-Point Analysis 134 7.2.2 Phase Space Analysis 137 7.2.3 Time Series Analysis 138 7.2.4 Bifurcation Analysis 139 7.3 Lyapunov Exponent and Chaos 142 7.4 Controlling of Chaos 144 7.5 Conclusion 145 References 146 8 Blockchain and Bitcoin Security 149K. Murugeswari, B. Balamurugan and G. Ganesan 8.1 Introduction 150 8.2 Security Threats to Bitcoin 151 8.3 Working Idea of Bitcoin 151 8.4 Case Study for Analyzing the Reason for Fall in Bitcoin Value 152 8.4.1 Security Threats to Bitcoin Protocol 152 8.4.2 Security Threats to Bitcoin Services 152 8.4.3 Security Threats by Other Factors 152 8.5 Analyzed Report 152 8.6 Rise of Bitcoin Value 154 8.7 Conclusion 154 References 154 Part II Cryptocurrencies and Blockchain Applications 9 Applications with Blockchain Technique 159L. Godlin Atlas, C. Magesh Kumar, Rajakumari, P. Hamsagayathi 9.1 Introduction 160 9.1.1 Overview 160 9.1.2 Decentralization 161 9.1.3 Immutability 163 9.2 Applications of Blockchain Technology 164 9.2.1 Blockchain Technology in the Food Industry 164 9.2.2 Cybersecurity 165 9.2.3 Voting 167 9.2.4 Land Registry 169 9.2.5 Blockchain Applications in Healthcare 170 9.2.6 Blockchain Applications in Internet of Things (IoT) 173 9.2.7 Vehicle Industries 176 9.2.8 Smart Appliances 176 9.2.9 Supply Chains 177 9.3 Conclusion 177 References 177 10 Impact of Application of Big Data on Cryptocurrency 181Sandeep Kr. Sharma, Rajiv Kumar Modanval, N. Gayathri, S. Rakesh Kumar and C. Ramesh 10.1 Introduction 182 10.2 Related Studies 183 10.3 Cryptocurrency 183 10.3.1 How Does a Cryptocurrency Transaction Work? 184 10.3.2 The Cryptocurrency Market 185 10.3.3 Future of Cryptocurrency in a Country Like India 185 10.4 Blockchain 186 10.5 Big Data 187 10.5.1 Introduction 187 10.5.2 Importance of Big Data 188 10.6 Coexistence of Big Data and Blockchain 189 10.6.1 Ensuring Data Quality Using Blockchain and Big Data 190 10.6.2 Where Can Cryptocurrency with Big Data Be Used? 191 10.7 Future Aspects of Cryptocurrency with Big Data 192 10.8 Conclusion 193 References 193 11 A Neoteric Smart and Sustainable Farming Environment Incorporating Blockchain 197M. Afshar Alam, Abdul Ahad, Sherin Zafar, Gautami Tripathi 11.1 Introduction 198 11.2 Artificial Intelligence Technology and Its Impact on Agriculture 200 11.2.1 Future of Artificial Intelligence in Agriculture 200 11.2.2 AI vs. Grasshoppers 201 11.3 Blockchain Technology (BCT) and Its Impact on Agriculture 201 11.3.1 Types of Blockchain 202 11.3.2 Generations of Blockchain Technology 202 11.3.3 Blockchain in Agriculture: A Boost to Smart Agriculture 203 11.4 A Neoteric Smart and Sustainable Farming Environment Incorporating Blockchain-Based Artificial Intelligence Approach 206 11.5 Conclusion and Future Work 211 References 211 12 Theories of Cryptocurrency, Blockchain and Distributed Systems and Environmental Implications 215P. Mary Jeyanthi 12.1 Introduction 216 12.2 Literature Review 218 12.3 Theories of Cryptocurrency, Blockchain and Distributed Systems 219 12.3.1 The Theory of Blockchains 219 12.3.2 Definition of Blockchains 220 12.3.3 Distributed Ledger Technology (DLT) vs. Blockchain 220 12.3.4 Evolving Terminology with Evolved Technology: Decentralized vs. Distributed 221 12.3.5 Main Bitcoin Properties: A Peer-to-Peer Electronic Cash System 224 12.4 Environmental Implications of the Cryptocurrency Market 232 12.4.1 Key Stats 232 12.4.2 Energy Consumption 234 12.4.3 What’s Next? 235 12.5 Conclusion 236 References 236 13 Blockchain Technology: A Paradigm Shift in Investment Banking 239R. Vedapradha, Hariharan Ravi, Arockia Rajasekar 13.1 Introduction 240 13.1.1 Evolution of Technology 240 13.1.2 Scope of Applications 240 13.1.3 Merits of Blockchain Technology in Banks 242 13.1.4 Investment Banks 243 13.1.5 Theoretical Framework 243 13.1.6 Investment Banking Operational Levels 244 13.1.7 Conceptual Framework 247 13.1.8 Challenges 248 13.2 Literature Review 249 13.3 Statement of the Problem 250 13.3.1 Objectives 250 13.3.2 Hypothesis 251 13.3.3 Sampling 251 13.3.4 Data Collection and Source 251 13.3.5 Variables and Statistical Tools Used 251 13.3.6 Limitations 251 13.4 Results 251 13.5 Discussion of Findings 256 13.6 Conclusion 257 References 257 14 Trading Energy as a Digital Asset: A Blockchain-Based Energy Market 261Claudia Pop, Marcel Antal, Tudor Cioara, Ionut Anghel 14.1 Introduction 262 14.2 Blockchain-Based P2P Energy Market 263 14.3 Distributed Ledger for Energy Tracking 265 14.3.1 Energy Provenance and Immutability 266 14.3.2 Energy Transactions Privacy 268 14.4 Self-Enforcing Smart Contracts for Energy Market Management 271 14.4.1 Prosumers Registration and Permission Control 271 14.4.2 Prosumers Energy Trading 273 14.5 Conclusion 277 References 277 15 Application View towards Blockchain: Demystifying the Myths 281Utkarsh Chitranshi and Sunil Kumar Chawla 15.1 Introduction 282 15.1.1 Problems in the Present System 282 15.1.2 Definitions 283 15.2 What Blockchain Does Not Replace 286 15.3 Mining Mechanism 287 15.4 Various Participants of Blockchain System 287 15.5 Organized Use Cases 288 15.6 Hyperledger 289 15.7 Steps to Creating Your Own App 289 15.8 Advertising Industry 290 15.9 Present Day Implementation 291 15.10 Versatile Use Cases 292 15.11 Myths 293 15.12 Conclusion 294 References 294

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Book SynopsisMicroeconomics: Theory & Applications, 13thEditionteaches students how fundamental tools of analysis are used explain and predict market phenomena. Designed for both economics and business students, this thorough yet accessible textbook describes basic microeconomic principles using various applications to clarify complicated economic concepts and provides an essential foundation of microeconomics knowledge. Clear and engaging chapters discuss cutting-edge models and explore numerous real-world examples of microeconomic theory in action. Comprehensive and topically relevant, this textbook offers greater coverage of input market analysis and applications than other texts on the subject. In-depth applications, such as consumer choice theory and noncompetitive market models, complement over 100 shorter applications that reinforce the graphical and logical techniques developed in the theory chapters. The authors' innovative use of relatable applications promotes student enTable of ContentsPreface iii Acknowledgments viii Chapter 1: An Introduction to Microeconomics 1 1.1 The Scope of Microeconomic Theory 2 1.2 The Nature and Role of Theory 2 1.3 Positive versus Normative Analysis 3 1.4 Market Analysis and Real versus Nominal Prices 4 1.5 Basic Assumptions about Market Participants 5 1.6 Opportunity Cost 6 1.7 Production Possibility Frontier 9 Chapter 2: Supply and Demand 13 2.1 Demand and Supply Curves 14 2.2 Determination of Equilibrium Price and Quantity 21 2.3 Adjustment to Changes in Demand or Supply 22 2.4 Government Intervention in Markets: Price Controls 25 2.5 Elasticities 30 Chapter 3: The Theory of Consumer Choice 42 3.1 Consumer Preferences 43 3.2 The Budget Constraint 52 3.3 The Consumer’s Choice 56 3.4 Changes in Income and Consumption Choices 61 3.5 Are People Selfish? 67 3.6 The Utility Approach to Consumer Choice 69 Chapter 4: Individual and Market Demand 75 4.1 Price Changes and Consumption Choices 76 4.2 Income and Substitution Effects of a Price Change 80 4.3 Income and Substitution Effects: Inferior Goods 85 4.4 From Individual to Market Demand 88 4.5 Consumer Surplus 89 4.6 Price Elasticity and the Price–Consumption Curve 95 4.7 Network Effects 97 4.8 The Basics of Demand Curve Estimation 100 Chapter 5: Using Consumer Choice Theory 107 5.1 Excise Subsidies, Health Care, and Consumer Welfare 108 5.2 Subsidizing Health Insurance: ObamaCare 112 5.3 Public Schools and the Voucher Proposal 116 5.4 Paying for Garbage 121 5.5 The Consumer’s Choice to Save or Borrow 124 5.6 Investor Choice 130 Chapter 6: Exchange, Efficiency, and Prices 140 6.1 Two-Person Exchange 141 6.2 Efficiency in the Distribution of Goods 147 6.3 Competitive Equilibrium and Efficient Distribution 151 6.4 Price and Nonprice Rationing and Efficiency 154 Chapter 7: Production 160 7.1 Relating Output to Inputs 161 7.2 Production When Only One Input is Variable: The Short Run 161 7.3 Production When All Inputs are Variable: The Long Run 167 7.4 Returns to Scale 173 7.5 Functional Forms and Empirical Estimation of Production Functions 176 Chapter 8: The Cost of Production 182 8.1 The Nature of Cost 183 8.2 Short-Run Cost of Production 183 8.3 Short-Run Cost Curves 186 8.4 Long-Run Cost of Production 192 8.5 Input Price Changes and Cost Curves 197 8.6 Long-Run Cost Curves 199 8.7 Learning by Doing 202 8.8 Importance of Cost Curves to Market Structure 204 8.9 Using Cost Curves: Controlling Pollution 206 8.10 Economies of Scope 208 8.11 Estimating Cost Functions 209 Chapter 9: Profit Maximization in Perfectly Competitive Markets 213 9.1 The Assumptions of Perfect Competition .214 9.2 Profit Maximization 215 9.3 The Demand Curve for a Competitive Firm 217 9.4 Short-Run Profit Maximization 218 9.5 The Perfectly Competitive Firm’s Short-Run Supply Curve 223 9.6 The Short-Run Industry Supply Curve 226 9.7 Long-Run Competitive Equilibrium 227 9.8 The Long-Run Industry Supply Curve 231 9.9 When Does the Competitive Model Apply? 239 Chapter 10: Using the Competitive Model 244 10.1 The Evaluation of Gains and Losses 244 10.2 Excise Taxation 250 10.3 Airline Regulation and Deregulation 258 10.4 City Taxicab Markets 263 10.5 Consumer and Producer Surplus, and the Net Gains from Trade 267 10.6 Government Intervention in Markets: Quantity Controls 271 Chapter 11: Monopoly 279 11.1 The Monopolist’s Demand and Marginal Revenue Curves 280 11.2 Profit-Maximizing Output of a Monopoly 282 11.3 Further Implications of Monopoly Analysis 287 11.4 The Measurement and Sources of Monopoly Power 290 11.5 The Efficiency Effects of Monopoly 297 11.6 Public Policy toward Monopoly 300 Chapter 12: Product Pricing with Monopoly Power 308 12.1 Price Discrimination 309 12.2 Three Necessary Conditions for Price Discrimination 313 12.3 Price and Output Determination with Price Discrimination 315 12.4 Intertemporal Price Discrimination and Peak-Load Pricing 318 12.5 Two-Part Tariffs 324 Chapter 13: Monopolistic Competition and Oligopoly 332 13.1 Price and Output under Monopolistic Competition 333 13.2 Oligopoly and the Cournot Model 338 13.3 Other Oligopoly Models 342 13.4 Cartels and Collusion 347 Chapter 14: Game Theory and the Economics of Information 360 14.1 Game Theory 361 14.2 The Prisoner’s Dilemma Game 364 14.3 Repeated Games 369 14.4 Asymmetric Information 373 14.5 Adverse Selection and Moral Hazard 377 14.6 Limited Price Information 381 14.7 Advertising 383 Chapter 15: Using Noncompetitive Market Models 389 15.1 The Size of the Deadweight Loss of Monopoly 389 15.2 Do Monopolies Suppress Inventions? 393 15.3 Natural Monopoly 396 15.4 More on Game Theory: Iterated Dominance and Commitment 400 Chapter 16: Employment and Pricing of Inputs 406 16.1 The Input Demand Curve of a Competitive Firm 407 16.2 Industry and Market Demand Curves for an Input 412 16.3 The Supply of Inputs 415 16.4 Industry Determination of Price and Employment of Inputs 417 16.5 Input Price Determination in a Multi-Industry Market 420 16.6 Input Demand and Employment by an Output Market Monopoly 422 16.7 Monopsony in Input Markets 424 Chapter 17: Wages, Rent, Interest, and Profit 429 17.1 The Income–Leisure Choice of the Worker 429 17.2 The Supply of Hours of Work 432 17.3 The General Level of Wage Rates 437 17.4 Why Wages Differ 439 17.5 Economic Rent 443 17.6 Monopoly Power in Input Markets: The Case of Unions 445 17.7 Borrowing, Lending, and the Interest Rate 448 17.8 Investment and the Marginal Productivity of Capital 449 17.9 Saving, Investment, and the Interest Rate 452 17.10 Why Interest Rates Differ 454 Chapter 18: Using Input Market Analysis 457 18.1 The Minimum Wage 458 18.2 Who Really Pays for Social Security? 464 18.3 The Hidden Cost of Social Security 467 18.4 The NCAA Cartel 470 18.5 Discrimination in Employment 476 18.6 The Benefits and Costs of Immigration 480 Chapter 19: General Equilibrium Analysis and Economic Efficiency 486 19.1 Partial and General Equilibrium Analysis Compared 487 19.2 Economic Efficiency 490 19.3 Conditions for Economic Efficiency 492 19.4 Efficiency in Production 492 19.5 The Production Possibility Frontier and Efficiency in Output 496 19.6 Competitive Markets and Economic Efficiency 501 19.7 The Causes of Economic Inefficiency 504 Chapter 20: Public Goods and Externalities 509 20.1 What are Public Goods? 510 20.2 Efficiency in the Provision of a Public Good 512 20.3 Externalities 516 20.4 Externalities and Property Rights 522 20.5 Controlling Pollution, Revisited 524 The Market for Los Angeles Smog 527 Answers to Selected Problems 532 Glossary G-1 Index 1

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Book SynopsisTable of ContentsPreface ix Introduction 1 1 Four Economic Questions About Climate Change 2 1.1 Introduction 2 1.2 Four Questions 3 1.3 How Much Pollution is Too Much? 6 1.4 Is Government Up to the Job? 11 1.5 How Can We Do Better? 11 1.6 Can We Resolve Global Issues? 14 1.7 Summary 15 Part I How Much Pollution is Too Much? 2 Ethics and Economics 21 2.1 Introduction 21 2.2 Utility and Utilitarianism 22 2.3 Social Welfare 24 2.4 Summary 26 3 Pollution and Resource Degradation as Externalities 29 3.1 Introduction 29 3.2 The Open-Access Problem 31 3.3 The Public Goods Problem 34 3.4 Is Sustainable Business a Solution? 37 3.5 Summary 38 4 The Efficiency Standard 42 4.1 Introduction 42 4.2 Efficiency Defined 42 4.3 Efficient Pollution Levels 45 4.4 Marginals and Totals 48 4.5 The Coase Theorem Introduced 49 4.6 Air Pollution Control in Baltimore: Calculating the Efficient Standard 50 4.7 The Ethical Basis of the Efficiency Standard 52 4.8 Real-World Benefit–Cost Analysis 53 4.9 Summary 56 5 Measuring the Benefits of Environmental Protection 64 5.1 Introduction 64 5.2 Use, Option, and Existence Value: Types of Nonmarket Benefits 65 5.3 Consumer Surplus, WTP, and WTA: Measuring Benefits 65 5.4 Risk: Assessment and Perception 68 5.5 Measuring Benefits I: Contingent Valuation 71 5.6 Measuring Benefits II: Travel Cost 74 5.7 Measuring Benefits III: Hedonic Regression 76 5.8 The Value of Human Life 76 5.9 Summary 79 Appendix 5A: WTA and WTP Redux 83 5A.1: An Indifference Curve Analysis 83 5A.2: The Endowment Effect or Substitutability? 85 6 Measuring the Costs of Environmental Protection 87 6.1 Introduction 87 6.2 Engineering Costs 88 6.3 Productivity Impacts of Regulation 90 6.4 Employment Impacts of Regulation 92 6.5 General Equilibrium Effects and the Double Dividend 97 6.6 A Final Look at Benefit–Cost Analysis 98 6.7 Summary 101 7 The Safety Standard 105 7.1 Introduction 105 7.2 Defining the Right to Safety 105 7.3 The Safety Standard: Inefficient 108 7.4 The Safety Standard: Not Cost-Effective 109 7.5 The Safety Standard: Environmental Justice or Regressive Impact? 110 7.6 Siting Hazardous Waste Facilities: Safety versus Efficiency 112 7.7 Summary 115 8 The Sustainability Standard 119 8.1 Introduction 119 8.2 Sustainability: Neoclassical and Ecological Approaches 120 8.3 Future Benefits, Costs, and Discounting 123 8.4 An Example of Discounting: Light Bulbs 125 8.5 Savings, Investment, and Market Interest Rates 126 8.6 The Social Discount Rate and Dynamic Efficiency 127 8.7 Discounting Climate Change 130 8.8 Ecological Economics, Strong Sustainability, and the Precautionary Principle 131 8.9 Strong Sustainability in Practice: Endangered Species, EIS, and Reach 133 8.10 Summary 135 9 Measuring Sustainability 139 9.1 Introduction 139 9.2 Malthus and Ecological Economics 140 9.3 Modern Debates: Limits to Growth and Planetary Boundaries 142 9.4 Measuring Strong Sustainability: Impacts and Footprints 144 9.5 Measuring Weak Sustainability: Net National Welfare and Inclusive Wealth 148 9.6 Natural Capital Depreciation 152 9.7 Are We Achieving Sustainability? 154 9.8 Discounting, Sustainability, and Investing for the Future 159 9.9 The Ecological–Neoclassical Debate in Context 160 9.10 Summary 161 10 Natural Resources and Ecosystem Services 167 10.1 Introduction 167 10.2 Nonrenewable Resources and the Hotelling Model 168 10.3 Testing the Nonrenewable Resource Model 174 10.4 The Roller Coaster Ride of Oil Prices 175 10.5 Peak Oil? 176 10.6 Renewable Resources 178 10.7 Renewable Resource Policy: Fisheries and Endangered Species 182 10.8 Ecosystem Services and Natural Capital 185 10.9 Summary 188 11 Is More Really Better? Consumption, Welfare, and Behavior 193 11.1 Introduction 193 11.2 Money and Happiness 194 11.3 Social Norms and the Rat Race 195 11.4 Positional Goods and Consumption Externalities 198 11.5 Welfare with Social Consumption 199 11.6 Overconsumption Policy Solutions 201 11.7 Behavioral Economics and Behavior Change 204 11.8 Summary 205 Part II Is Government Up to the Job? 12 The Political Economy of Environmental Regulation 211 12.1 Introduction 211 12.2 The Process of Environmental Regulation 212 12.3 Regulation under Imperfect Information 214 12.4 Bureaucratic Discretion and Political Influence 215 12.5 The Influence Game: Pre-2016 217 12.6 The End of the Bipartisan Concensus 220 12.7 Better Information, More Democracy 225 12.8 Summary 227 13 An Overview of Environmental Legislation 231 13.1 Introduction 231 13.2 Cleaning the Air 232 13.3 The Clean Air Act and Climate Change 235 13.4 Fishable and Swimmable Waters 237 13.5 Hazardous Waste Disposal on Land 239 13.6 Chemicals and Pesticides 242 13.7 Endangered Species Protection 245 13.8 Summary 247 14 The Regulatory Record: Achievements and Obstacles 250 14.1 Introduction 250 14.2 Accomplishments of Environmental Regulation 250 14.3 Monitoring and Enforcement: Political Constraints 254 14.4 The Appeal of Incentive-Based Regulation 257 14.5 Beyond Regulation? Promoting Clean Technology 258 14.6 Summary 260 Part III How Can We Do Better? 15 Incentive-Based Regulation: Theory 267 15.1 Introduction 267 15.2 The Cost-Effectiveness Rule 268 15.3 IB Regulation and Cost-Effectiveness 271 15.4 IB Regulation and Technological Progress 274 15.5 Potential Problems with IB Regulation 275 15.6 Summary 281 Appendix 15A: Imperfect Regulation in an Uncertain World 284 15A.1: Minimizing the Costs of Being Wrong 285 15A.2: An Application to Greenhouse Gas Emissions 287 15A.3: Summary 288 Appendix 15B: Incentive-Compatible Regulation 289 15B.1: Incentives to Lie 289 15B.2: Incentives to Tell the Truth 291 15B.3: Summary 293 16 Incentive-Based Regulation: Practice 294 16.1 Introduction 294 16.2 Lead and Chlorofluorocarbons 295 16.3 Trading Urban Air Pollutants 295 16.4 Marketable Permits and Acid Rain 299 16.5 Carbon Trading in the Northeast and California 302 16.6 Two Failed U.S. Efforts: Mercury and Carbon 305 16.7 The European Emissions Trading System 307 16.8 Pollution Taxes and Their Relatives 309 16.9 Summary 313 17 Promoting Clean Technology: Theory 317 17.1 Introduction 317 17.2 Path Dependence and Clean Technology 318 17.3 Clean Technology Defined 319 17.4 If You’re So Smart, Why Aren’t You Rich? 322 17.5 Picking the Winning Path 325 17.6 Promoting Early-Stage Clean Technologies 327 17.7 Promoting Late-Stage Clean Technologies 329 17.8 Clean Technology: Two Case Studies 332 17.9 Summary 337 18 Energy Policy and the Future 342 18.1 Introduction 342 18.2 Technology Options: Electricity and Heat 342 18.3 Policy Options: Electricity and Heat 351 18.4 Technology Options: Transport 355 18.5 Policy Options: Transport 360 18.6 Summary 364 Part IV How Can We Solve Global Challenges? 19 Poverty, Population, and the Environment 369 19.1 Introduction 369 19.2 Poverty and the Environment 371 19.3 The Population Picture in Perspective 373 19.4 An Economic Approach to Family Size 376 19.5 Controlling Population Growth 377 19.6 Consumption and the Global Environment 381 19.7 Envisioning a Sustainable Future 383 19.8 Summary 385 20 Environmental Policy in Low-Income Countries 388 20.1 Introduction 388 20.2 The Political Economy of Sustainable Development 388 20.3 Ending Environmentally Damaging Subsidies 391 20.4 Establishing and Enforcing Property Rights 392 20.5 Regulatory Approaches 395 20.6 Sustainable Technology: Development and Transfer 399 20.7 Resource Conservation and Debt Relief 401 20.8 Trade and the Environment 406 20.9 Summary 410 21 The Economics of Global Agreements 414 21.1 Introduction 414 21.2 Agreements as Public Goods 415 21.3 Monitoring and Enforcement 416 21.4 The Ozone Layer and Biodiversity 417 21.5 Stopping Global Warming: Theory 421 21.6 Stopping Global Warming: Reality 423 21.7 Summary 425 Selected Websites for Environmental and Natural Resource Economists 429 Author Index I-1 Subject Index I-5

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Book SynopsisFuture-proof your business with a credible net-zero transition plan for the new economy. Net Zero Business Models: Winning in the Global Net Zero Economy delivers a breakthrough approach to transition from business models contributing to climate disaster to Net Zero Business Models crucial to sustainability and profitability. Based on the authors' business advisory expertise and insights from their research with over 200 best-in-class global companies, this book is an indispensable guide for executives, corporate directors, and institutional investors. Discover how to implement a bona fide net zero transition plan and processes to: Identify new Board and Investor expectations for Net Zero Transition Plans (Beyond ESG)Ensure the Five eco-efficiency plans, processes and value drivers are in place as the foundation for a credible transition planSelect one of Four Pathways to a Net Zero Business Model as strategic optionsApply the Three Domains for Systems Thinking required by leaders for Net Zero strategic leadershipAlign key metrics, targets, and incentive designs to accelerate business model transition Metrics and Targets are not a plan, and a commitment to net zero is not a business strategy. Net Zero Business Models has been endorsed by C-Suites, Boards and Institutional Investors representing over $ 80 trillion in assets under management. This is the playbook you need to win in the Net Zero Global Economy.Table of ContentsTable of Exhibits Table of Appendices Prologue Preface Introduction: How to Use This Book Part I: Setting the Context for Net Zero Chapter 1: The Net Zero Opportunity The Transformational Forces of Net Zero Managing the Transformational Forces of Net Zero in a VUCA World What Does “Net Zero” Mean? Going Beyond Net Zero What Does the Transition to a Net Zero Economy Look Like? The Net Zero Opportunity Summary: Where to Begin Part II: The Technical Foundations of Net Zero Business Models Chapter 2: An Overview of Greenhouse Gas Emissions What Are Scope 1, 2, and 3 Emissions? Developing a GHG Emissions Data Strategy What Are Scope 1 Emissions? What Are Scope 2 Emissions? What Are Scope 3 Emissions? Summary: Getting Started Chapter 3: Applying a Carbon Shock Test The $20 Trillion Problem Some Context for a Carbon Tax Scenario Planning for Carbon Taxes Summary: Have Good Processes Chapter 4: Science-Based Emissions-Reduction Targets The Four Objectives of the Net Zero Standard Generally Accepted GHG Accounting and Reporting Principles Five Steps to Set Science-Based Targets Science-Based Targets Unique to the Power Sector Science-Based Targets Unique to the Forest, Land, and Agriculture (FLAG) Sector Updating and Communicating Targets The Validation Process Summary: Science-Based Targets Are Not a Transition Plan Part III: The Four Pathways to Net Zero Chapter 5: The Four Pathways to Net Zero: An Introduction Eco-Efficiency Processes and Systems Summary Chapter 6: Pathway One: Eco-Efficiency Pathway One: Companies with Low Carbon Intensity Business Models Weyerhaeuser Microsoft Corporation Canada Goose Holdings, Inc. JAB Pathway One: Companies with High Carbon Intensity Business Models Exxon Mobil Corporation Characteristics of Pathway One Pathway One Risk Factors Critical Success Factors for Pathway One Companies Summary Chapter 7: Pathway Two, Option One: Incremental Transformation of the Business Model—Zero-Carbon Products and Services Re-engineering with a Focus on Zero-Carbon Products and Services Net Zero Transformation Strategies and Transition Plans Complete Transformation of the Existing Product and Services Portfolio to Zero Carbon Walmart, Inc. Nestlé Roll-Royce Holdings Summary Chapter 8: Pathway Two, Option Two: Complete Transformation of the Business Model Complete Transformation of the Business Model Ørsted Shell plc Vattenfall General Motors Company Characteristics of Pathway Two Pathway Two Risk Factors Critical Success Factors for Pathway Two Companies Summary Chapter 9: Pathway Three: Eco-Startups, New Ventures, Spinouts, and Industry Disruptors Climate Technology and Eco-Startups Innovation and Industry Disruptors About Disruption The Disruption Opportunity Matrix Ecolibri Srl NuScale Power Corporation Celsius Energy CarbonCure Universal Hydrogen Co. and ZeroAvia, Inc. Incremental Innovation versus Exponential Innovation Characteristics of Pathway Three Pathway Three Risk Factors Critical Success Factors for Pathway Three Companies Summary Chapter 10: Pathway Four: Industry Ecosystem(s) Transformers The Four Stages of Industry Ecosystem(s) Transformation The Transformation of the Automobile Industry Tesla the Disruptor Tesla: A Pathway Four Industry Ecosystem(s) Transformation Leader The Rise of Electric Vehicles Tesla’s Business Model Characteristics of Pathway Four Pathway Four Risk Factors Critical Success Factors for Leading an Industry Transformation Summary Part IV: Implementing a Pathway to Net Zero Chapter 11: A Foundational Framework to Choose a Pathway The Innovation and Return on Capital Life Cycle Value Quadrant 1: The High-Innovation/Early-Growth Stage Value Quadrant 2: The High-Performance/Competitive-Fade Stage Value Quadrant 3: The Mature/Cash Cow Stage Value Quadrant 4: The Failing Business Model Stage How the Innovation and Return on Capital Life Cycle Effects Valuation The Four Domains of Carbon Intensity, the Innovation and Return on Capital Life Cycle, and Valuation Summary: Have Good Processes to Preserve and Grow Shareholder Value Chapter 12: Preparing to Lead the Transformation: Key Elements of Successful Transformations The Three Types of Change Hearing the Call Preparing to Lead to Net Zero Startup and Staff Create the Case for Net Zero Assess and Build the Organization Build Leadership Capacity to Change Have Clear Roles Designate an Executive Sponsor Establish a Parallel Governance Structure Designate a Net Zero Leader Appoint Individual Net Zero Process Leaders Use Experts as Needed Align Incentive Compensation with Achieving Net Zero Have Adequate Financial Resources to Get to Net Zero Have a Flexible Plan Meet People’s Psychological Needs Launching the Transformation Summary Chapter 13: The Three Domains of Systems Thinking The Operations Domain The Business Systems Domain The Global Systems Domain Cultivating Systems-Thinking Capacity for the Transition to Net Zero Domains of Systems Thinking for the Pathways to Net Zero Systems Thinking Meets Electric Vehicles and Gray Electrons Systems Thinking and the Electric Power Sector—the Foundation to the Net Zero Economy Systems Thinking and the Development of the Smart Grid Systems Thinking and the Double Transformation of the Grid Systems Thinking, Smart Grids, and Green Hydrogen Summary Chapter 14: Telling the Net Zero Story Companies Need Good Data to Tell Their Net Zero Stories The Board of Directors’ Role in Telling the Net Zero Story Investors Expect Comprehensive and Credible Net Zero Stories The Evolution of Voluntary ESG and Climate-Related Disclosure—the Alphabet Soup The Consolidation of Voluntary Climate-Related Disclosure into Universal Standards The Evolution of Mandatory Climate-Related Disclosure Telling the Net Zero Story Before the Implementation of Mandatory Climate-Related Disclosures Other Key Roles for Disclosure Process Development Summary Chapter 15: Obstacles to Net Zero Mental Obstacles Greenwashing Hidden Obstacles Fossil Fuels and the Developing World Fickle Political Support Summary Part V: Beyond Net Zero: Systems Change Chapter 16: Epilogue: Toward a Net Zero Civilization The Shift to Stakeholder Capitalism The Infrastructure of Stakeholder Capitalism and Systems Change Benefit Corporation Governance MultiCapital Accounting Doughnut Economics Heart-Based Leadership Conclusion Acknowledgments

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Book SynopsisNo nonsense solutions from the straight-talking face of British business. IF FUNDAMENTAL REFORM DOES NOT TAKE PLACE THEN WE ARE DEAD IN THE WATER. GLOBALISATION DOES NOT TAKE PRISONERS. BRITAIN MUST BECOME FIT FOR PURPOSE IN THE 21ST CENTURY. This is the explosive, first book from ''the face of British business'', Lord Digby Jones. With a renowned, no-nonsense, straight-talking approach, he is one of the world''s most acclaimed business commentators. In his candid and forthright style Fixing Britain puts the spotlight on critical national and international business issues and lays out the essential reform urgently needed for the growth of our nation. Knowledgeable, authoritative and independent, Digby highlights how untenable the status quo is in the UK, and sets out how Britain can get back in and stay in the globalised race. Sending a clear message to government, business leaders, strategists and the media, FixinTrade ReviewWritten in a no-nonsense straightforward style, and much of what he says is straightforward and much of what he says is reasonable and balanced. (The Market, May 2012) The book is easy to read and does question some key issues that sit at the heart of our society. (Financial Adviser, 31st May 2012)Table of Contents1 Five Minutes to Midnight – Time for Change 1 2 The Voice of Business 33 3 The Globe-Trotting Goat – Tethered by Westminster and Whitehall 83 4 Education, Education, Education? 125 5 The World Moves East 159 6 The Business of Politics: Fixing the System 199 7 Taxing Britain Out of Business 233 8 The Gimme Society 265 9 Our Great Britain 287 Acknowledgements 305 Index 306

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Book SynopsisNow revised and updated, this volume offers the latest edition of the very successful macroeconomics textbook. The authors deal with sophisticated issues using advanced economic theory, but in a manner that is accessible to anyone taking a single course in macroeconomics.Table of ContentsPreface Part One. Introduction Chapter 1. What Is Macroeconomics? Chapter 2. The Language of Macroeconomics: The National Income Accounts Part Two. Economic Growth and The Supply Side Chapter 3. The Wealth of Nations: The Supply Side Chapter 4. Capital Accumulation and Economic Growth Chapter 5. Total Factor Productivity, Human Capital and Technology Chapter 6. Endogenous Growth and Convergence Chapter 7. Unemployment and the Labour Market Chapter 8. International Trade Chapter 9. Globalization Part Three. Business Cycles and Economic Policy Chapter 10. Consumption and Investment Chapter 11. Business Cycles Chapter 12. Money and Prices Chapter 13. Monetary Policy Chapter 14. Fiscal Policy and the Role of Government Chapter 15. Stabilization Policy Part Four. Asset Markets and the Financial Sector Chapter 16. Financial Markets: Equities and Bonds Chapter 17. The Banking Sector Chapter 18. Sovereign Debt and Default Part Five. Exchange Rates and Global Capital Markets Chapter 19. Exchange Rate Determination I: The Real Exchange Rate Chapter 20. Exchange Rate Determination II: Nominal Exchange Rates and Asset Markets Chapter 21. Currency Crises and Exchange Rate Systems Glossary Notes Index

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